The bill establishes a new tax credit known as the "abandoned building revitalization corporate income tax credit" aimed at encouraging the rehabilitation of abandoned buildings in New Mexico. Taxpayers who incur rehabilitation expenses for such buildings between the effective date of the bill and January 1, 2036, can claim a credit equal to 25% of their expenses, capped at $700,000, provided the expenses meet certain thresholds. To qualify, taxpayers must apply for pre-certification from the economic development department before incurring expenses and subsequently apply for certification of eligibility within one year of placing the building in service. The total amount of credits that can be certified in a calendar year is limited to $20 million.

Additionally, the bill allows for the transfer of the tax credit between taxpayers and stipulates that any unused credit can be carried forward for up to five years. The provisions of this act will apply to taxable years starting on or after January 1, 2025, and the section establishing the tax credit will be repealed effective January 1, 2037. The bill also includes definitions for key terms such as "abandoned building," "rehabilitation expenses," and "placed in service" to clarify the scope of the tax credit.