Bill > HB98

This bill makes a number of changes to various tax laws in New Mexico, including: - Amending the Tax Administration Act to require the Department of Taxation and Revenue to develop and disseminate a publication on taxpayer rights in simple, non-technical terms. - Modifying provisions related to the deposit and disbursement of tax revenues, including creating new tax suspense funds. - Expanding the Department's ability to grant "innocent spouse" relief from tax liabilities in certain situations. - Increasing the property exemption amount from levy and adjusting the calculation of the exempt portion of disposable earnings. - Adjusting the civil penalty for failure to pay taxes or file returns. - Making changes to the renewable energy production tax credit, including modifying the credit amounts and eligibility criteria. - Establishing a deduction to offset material financial effects of changes to certain corporate income tax provisions. - Amending the rural job tax credit, including modifying the credit amounts and eligibility criteria. - Making various other changes to deductions, credits, and definitions across gross receipts, compensating, oil and gas, insurance premium, and other tax laws. The bill aims to encourage economic development, manufacturing, and renewable energy production in New Mexico, while also updating administrative provisions and taxpayer protections.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=98&year=21