summary
Introduced
01/19/2021
01/19/2021
In Committee
Crossed Over
Passed
Dead
03/20/2021
03/20/2021
Introduced Session
2021 Regular Session
Bill Summary
AN ACT RELATING TO SMALL BUSINESSES; ENACTING THE SMALL BUSINESS PANDEMIC TAKINGS REPARATIONS ACT; CREATING THE PANDEMIC REPARATIONS DIVISION IN THE TAXATION AND REVENUE DEPARTMENT; PROVIDING POWERS AND DUTIES; CREATING THE SMALL BUSINESS PANDEMIC REPARATIONS TAX CREDIT AND PROVIDING FOR CERTIFICATES OF ELIGIBILITY; PROVIDING A PROCESS FOR PROTESTS; CREATING A FUND; MAKING AN APPROPRIATION.
AI Summary
This bill, the Small Business Pandemic Takings Reparations Act, creates a Small Business Pandemic Reparations Tax Credit to provide just compensation to small businesses in New Mexico that were closed or had their property substantially deprived as a result of a public health order issued during the COVID-19 pandemic. The bill establishes the Pandemic Reparations Division within the Taxation and Revenue Department to review applications, determine eligibility, and issue certificates of eligibility. The bill also creates the Pandemic Reparations Fund, appropriating $55 million from the general fund, to pay the tax credits. Eligible small businesses must apply for a certificate of eligibility and can claim the tax credit against their personal or corporate income tax liability.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Senate Tax, Business and Transportation Committee (13:30 2/16/2021 Room) (on 02/16/2021)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=79&year=21 |
| BillText | https://www.nmlegis.gov/Sessions/21%20Regular/bills/senate/SB0079.pdf |
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