Bill > SB111

This bill creates two new tax credits - the Local News Printer Income Tax Credit and the Local News Printer Corporate Income Tax Credit - designed to support local news organizations and their printing services in New Mexico. These credits allow taxpayers who own a local news printer that employs qualified employees to claim tax credits equal to the wages paid to those employees, with a maximum of $10,000 per full-time employee (working 20+ hours per week) or $5,000 per part-time employee. To qualify, a local news printer must have been in the newspaper printing business for at least five years, employ at least five qualified workers, and provide printing services using a web press specifically designed for newspaper production. The local news organization receiving these services must be primarily focused on state or local news, publish consistently, disclose ownership, and derive minimal funding from political action committees. The total annual aggregate amount of these credits is capped at $1 million, and credits will be issued on a first-come, first-served basis. The tax credits are available for taxable years before January 1, 2030, and will become applicable starting January 1, 2025, with the goal of supporting local journalism and preserving local news printing infrastructure in New Mexico.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=111&year=25