The bill establishes two new tax credits in New Mexico: the Retail Center Renovation Income Tax Credit and the Retail Center Renovation Corporate Income Tax Credit. Both credits are available to taxpayers who incur qualifying renovation costs for retail center renovation projects between the effective date of the bill and January 1, 2035. The credits are set at ten percent of the qualifying renovation costs, with a maximum limit of $1,500,000 per project. Taxpayers must apply for certification of eligibility within one year of project completion, and the total amount of credits that can be certified in a calendar year is capped at $15,000,000.

Additionally, the bill outlines specific requirements for claiming the credits, including the need for a compliance certificate from local jurisdictions and a notarized declaration affirming that at least fifty percent of the retail center's leaseable square footage was renovated. Taxpayers are prohibited from claiming multiple credits for the same renovation costs, and any unused credit can be carried forward for up to five years. The provisions of the act will apply to taxable years beginning on or after January 1, 2025, and the credits will be repealed effective January 1, 2036.