Bill > SB94

This bill creates the Retirement Savings Facilitation Income Tax Credit, which allows eligible business owners to claim a tax credit of up to $300 for each taxable year prior to January 1, 2028. To qualify, the business must be registered as a marketplace participant or participating employer under the New Mexico Work and Save Act and employ at least one resident, provided the business did not offer an employer-sponsored retirement plan prior to July 1, 2022. The bill also amends the New Mexico Work and Save Act to require certain employers to register as participating employers and automatically enroll their employees in the New Mexico Work and Save Individual Retirement Account Program, while allowing employees to opt out. Additionally, the bill aligns the Act's provisions to enable the formation of an auto-IRA partnership with one or more other states.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=94&year=22