Bill > SB153

This bill creates the Capital Improvements Gaming Tax Credit for certain racetrack gaming operator licensees in New Mexico. Beginning July 1, 2021 and until July 1, 2026, eligible racetrack gaming operators can claim a tax credit of up to 100% of their monthly gaming tax liability, not exceeding $1.5 million per fiscal year, if they had qualifying capital improvement expenditures equal to or greater than the credit amount in the previous taxable period and had a combined net take of under $25 million in the prior calendar year. The credit must be directly related to the racetrack facility and cannot be claimed if the expenditures were used for another tax credit or deduction. The credit will be administered by the Taxation and Revenue Department and can be claimed on a monthly basis against the gaming tax remitted to the state.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=153&year=21