The bill amends the Technology Readiness Gross Receipts Tax Credit in New Mexico, extending the eligibility period for taxpayers, specifically national laboratories, to claim the credit until July 1, 2035. The bill allows these laboratories to provide technology readiness assistance to businesses registered in New Mexico that have licensed technology from the laboratories or are part of cooperative research and development agreements. The maximum tax credit per business remains at $150,000 per fiscal year, but the annual aggregate amount of credits allowed per national laboratory will increase significantly over the years, starting from $2 million in 2026 and reaching up to $5 million by 2029.

Additionally, the bill outlines the requirements for businesses to qualify for the tax credit, including certification of assistance and evidence of registration in New Mexico. National laboratories are tasked with creating forms for assistance requests, establishing a technology readiness assistance program, and submitting annual reports detailing the outcomes of their assistance programs. The bill also prohibits claiming both this tax credit and the Laboratory Partnership with Small Business Tax Credit for the same assistance in a given taxable period. The effective date for the provisions of this act is set for July 1, 2026.

Statutes affected:
introduced version: 7-9-96.3