This bill enacts a new section of the Mobile Home Park Act that mandates mobile home park owners to provide written notice to residents and the New Mexico mortgage finance authority before accepting any third-party offers to purchase the park. The notice must include the offer's material terms and conditions, and residents will have the opportunity to purchase the park if they can secure approval from at least 51% of the occupied mobile home owners and present a purchase agreement that matches the third-party offer. The bill also outlines the process for negotiation between residents and owners if the residents' offer is deemed not equivalent to the third-party offer, and it establishes penalties for owners who violate these provisions.

Additionally, the bill amends the capital gains income tax deduction, increasing the deduction for the sale of a mobile home park to residents from 40% to 50% of the net capital gain income. This change aims to incentivize mobile home park sales to residents, thereby promoting community ownership. The provisions of the bill will apply to taxable years beginning on or after January 1, 2026.

Statutes affected:
introduced version: 7-2-34