Bill > SB15

This bill creates two new income tax credits to support volunteer emergency medical services (EMS) and firefighters in New Mexico, each offering a $1,000 tax credit for eligible volunteers who serve at least 52 times in a taxable year before 2035. To qualify, volunteers must not be dependents and must be active, unpaid members of a certified EMS agency/ambulance or fire department, with volunteers defined as those responding to service requests or providing at least one hour of on-duty station time per day. Volunteers must apply for certification from either the emergency medical services bureau or the state fire marshal's office, which will review applications in order received and issue eligibility certificates. The total available tax credits are capped at $4 million per year for each category, and credits can be refunded if they exceed the taxpayer's tax liability. Importantly, a taxpayer cannot claim both credits in the same year, and the bill includes a delayed repeal date of January 1, 2035, meaning these tax credits will automatically expire at that time. The provisions will apply to taxable years beginning on or after January 1, 2025, providing a financial incentive to encourage volunteer participation in critical emergency services.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=15&year=25