summary
Introduced
01/24/2022
01/24/2022
In Committee
Crossed Over
Passed
Dead
02/17/2022
02/17/2022
Introduced Session
2022 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 new Small Business Pandemic Reparations Tax Credit to provide just compensation to small businesses in New Mexico that were closed or had their property taken as a result of a public health order issued during the COVID-19 pandemic. The bill establishes a Pandemic Reparations Division within the Taxation and Revenue Department to review applications, determine eligibility, and issue certificates of eligibility to qualifying small businesses. The bill also creates a Pandemic Reparations Fund to finance the tax credits and appropriates $55 million to the fund.
Sponsors (1)
Last Action
Action Postponed Indefinitely (on 01/24/2022)
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/Legislation/Legislation?chamber=S&legtype=B&legno=143&year=22 |
| BillText | https://www.nmlegis.gov/Sessions/22%20Regular/bills/senate/SB0143.pdf |
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