The proposed bill establishes a new tax credit known as the "volunteer search and rescue income tax credit" for taxpayers in New Mexico who volunteer for search and rescue missions. To qualify, individuals must not be dependents of another taxpayer and must volunteer at least six times or for a minimum of sixty hours within a taxable year. The credit amount is set at $500 for those who volunteer between six and eleven times or for sixty to one hundred twenty hours, and $1,000 for those who volunteer twelve times or more or for at least one hundred twenty hours. The total amount of tax credits available for certification in any taxable year is capped at $3 million.

To claim the credit, taxpayers must apply for certification from a designated resource officer, who will issue a certificate of eligibility if the requirements are met. The bill also stipulates that any portion of the tax credit exceeding the taxpayer's liability will be refunded. Additionally, married individuals filing separately can only claim half of the credit that would have been available on a joint return. The provisions of this act will take effect for taxable years beginning on or after January 1, 2025, and the section will be repealed effective January 1, 2036.