The bill amends the Technology Readiness Gross Receipts Tax Credit in New Mexico, extending its expiration date from July 1, 2027, to July 1, 2035. It allows national laboratories that provide technology readiness assistance to businesses registered in New Mexico to claim a tax credit against their gross receipts tax liability. The amount of the credit is based on qualified expenditures incurred by the national laboratory, with a cap of $150,000 per business per fiscal year. However, the annual aggregate amount of credits allowed per national laboratory will increase over the years, starting from $2 million in 2026, reaching up to $5 million by 2029.

Additionally, the bill outlines the requirements for taxpayers to claim the credit, including the need for certification from businesses receiving assistance and evidence of their registration in New Mexico. National laboratories are also tasked with creating forms for assistance requests, establishing a technology readiness assistance program, and submitting annual reports detailing their activities and the impact of the assistance provided. The bill emphasizes the importance of coordination among national laboratories to ensure that the assistance provided meets the needs of businesses without exceeding the credit limitations. The provisions of this act will take effect on July 1, 2026.

Statutes affected:
introduced version: 7-9-96.3