The bill seeks to modernize and streamline taxation and metropolitan redevelopment provisions in New Mexico by amending the Metropolitan Redevelopment Code and the Tax Increment for Development Act. Key changes include increasing tax reporting thresholds and payment intervals, allowing the Secretary of Taxation and Revenue to compromise on asserted liabilities, and removing the requirement for Attorney General approval for refunds over $20,000. The bill also facilitates the recording of tax liens without a notary signature and adjusts effective dates for local option gross receipts and compensating tax rates. Additionally, it clarifies procedures for determining property and gross receipts tax increments, ensuring local governments can effectively manage tax revenues from redevelopment areas.

Furthermore, the bill introduces new tax credits, such as a "special needs adopted child tax credit" and an "angel investment credit," while also amending existing credits related to sustainable building practices and agricultural biomass. It establishes a geothermal electricity generation income tax credit and outlines specific deductions for various sectors, including health care and military services. The bill also includes provisions for the confidentiality of taxpayer information, electronic payment requirements, and the process for disputing tax liabilities. Overall, the legislation aims to enhance tax administration efficiency, support economic development initiatives, and ensure accountability in the use of public funds.

Statutes affected:
introduced version: 3-60A-21, 5-15-9, 5-15-21, 5-15-25.1, 5-15-25.2, 5-15-25.3, 5-15-27, 7-1-4.4, 7-1-6.2, 7-1-6.4, 7-1-6.5, 7-1-6.9, 7-1-6.15, 7-1-6.16, 7-1-6.18, 7-1-6.26, 7-1-6.27, 7-1-6.30, 7-1-6.46, 7-1-6.47, 7-1-6.58, 7-1-6.68, 7-1-13.1, 7-1-15, 7-1-20, 7-1-26, 7-1-28, 7-1-29, 7-1-37, 7-1-38, 7-1-39, 7-1-79, 7-2-12, 7-2-12.1, 7-2-18.16, 7-2-18.17, 7-2-18.22, 7-2-18.24, 7-2-18.26, 7-2-18.29, 7-2-18.31, 7-2-18.32, 7-2-18.35, 7-2-18.38, 7-2-24, 7-2-28.1, 7-2-31.1, 7-2-39, 7-2-40, 7-2-41, 7-2A-9, 7-2A-24, 7-2A-24.1, 7-2A-26, 7-2A-28, 7-2A-28.1, 7-2A-31, 7-2C-12, 7-2E-1.1, 7-3-7, 7-3-13, 7-3A-9, 7-9-9, 7-9-18.1, 7-9-43, 7-9-46, 7-9-56.3, 7-9-62, 7-9-62.1, 7-9-73.2, 7-9-73.3, 7-9-77.2, 7-9-83, 7-9-84, 7-9-90, 7-9-91, 7-9-93, 7-9-94, 7-9-95, 7-9-103.1, 7-9-103.2, 7-9-110.3, 7-9-112.1, 7-9-115, 7-9-116, 7-9-119, 7-9A-5, 7-9C-7, 7-9G-1, 7-13-3.5, 7-13A-3, 7-13A-5, 7-16A-9.4, 7-16A-15, 7-16B-4, 7-19-11, 7-19-12, 7-19-13, 7-19-14, 7-19-16, 7-19D-3, 7-19D-5, 7-19D-17, 7-20E-3, 7-20E-13, 7-20E-18, 7-20E-26, 7-26-2, 7-29-2, 7-29-4, 7-29-5, 7-29-6, 7-29-7, 7-29-8, 7-29-23, 7-30-2, 7-30-4, 7-30-9, 7-30-27, 7-31-2, 7-31-4, 7-31-6, 7-31-8, 7-31-9, 7-31-10, 7-31-11, 7-31-26, 7-32-2, 7-32-4, 7-32-6, 7-32-8, 7-32-9, 7-32-10, 7-32-11, 7-32-13, 7-32-28, 7-33-4, 7-34-2, 7-34-3, 7-34-4, 7-34-5, 7-34-6, 7-34-7, 7-40-5, 14-8-4, 24A-8-2, 24A-8-3, 24A-8-6, 52-5-19, 67-3-8.1, 7-2-7, 7-1-6.66
Final Version: 3-60A-21, 5-15-9, 5-15-21, 5-15-25.1, 5-15-25.2, 5-15-25.3, 5-15-27, 7-1-4.4, 7-1-6.2, 7-1-6.4, 7-1-6.5, 7-1-6.9, 7-1-6.15, 7-1-6.16, 7-1-6.18, 7-1-6.26, 67-3-28, 7-1-6.30, 7-1-6.46, 7-1-6.47, 7-1-14, 7-1-6.68, 7-1-13.1, 7-1-15, 7-1-20, 7-1-26, 7-1-28, 7-1-29, 7-1-37, 7-1-38, 7-1-39, 7-1-79, 7-2-12, 7-2-12.1, 7-2-18.16, 7-2-18.17, 7-2-18.22, 7-2-18.24, 7-2-18.26, 7-2-18.29, 7-2-18.31, 7-2-18.32, 7-2-18.35, 7-2-18.38, 7-2-24, 7-2-28.1, 7-2-31.1, 7-2-39, 7-2-40, 7-2-41, 7-2A-9, 7-2A-24, 7-2A-24.1, 7-2A-26, 7-2A-28, 7-2A-28.1, 7-2A-31, 7-2C-12, 7-2E-1.1, 7-3-7, 7-3-13, 7-3A-9, 7-9-9, 7-9-18.1, 7-9-43, 7-9-46, 7-9-56.3, 7-9-62, 7-9-62.1, 7-9-73.2, 7-9-73.3, 7-9-77.2, 7-9-83, 7-9-84, 7-9-90, 7-9-91, 7-9-93, 7-9-94, 7-9-95, 7-9-103.1, 7-9-103.2, 7-9-110.3, 7-9-112.1, 7-9-115, 7-9-116, 7-9-119, 7-9A-5, 7-9C-7, 7-9G-1, 7-13-3.5, 7-13A-3, 7-13A-5, 7-16A-9.4, 7-16A-15, 7-16B-4, 7-19-11, 7-19-12, 7-19-13, 7-19-14, 7-19D-3, 7-19D-5, 7-20E-3, 7-20E-13, 7-20E-18, 7-20E-26, 7-26-2, 7-29-2, 7-29-4, 7-29-5, 7-29-6, 7-29-7, 7-29-8, 7-29-23, 7-30-9, 7-30-27, 7-31-2, 7-31-4, 7-31-6, 7-31-8, 7-31-9, 7-31-10, 7-31-11, 7-31-26, 7-32-2, 7-32-4, 7-32-6, 7-32-8, 7-32-9, 7-32-10, 7-32-11, 7-32-13, 7-32-28, 7-33-4, 7-34-2, 7-34-3, 7-34-4, 7-37-7, 7-34-6, 7-34-7, 7-40-5, 14-8-4, 24A-8-2, 24A-8-3, 24A-8-6, 52-5-19, 67-3-8.1, 7-2-7, 7-1-6.66