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 specific 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 available in a calendar year is limited to $20 million, and any unused credits can be carried forward for up to five years.

Additionally, the bill outlines the definitions of key terms such as "abandoned building," "rehabilitation expenses," and "placed in service." It also allows for the transfer of eligibility certificates between taxpayers and mandates that the credit be included in the tax expenditure budget. The provisions of this act will apply to taxable years starting on or after January 1, 2025, and the section will be repealed effective January 1, 2037.