Bill > SB212

This bill creates a new tax credit for national laboratories in New Mexico that participate in quantum testing and evaluation services through a federal quantum agency. Specifically, national laboratories can claim a gross receipts tax credit equal to the amount of federal matching funds they receive for quantum testing and evaluation or quantum device fabrication, with an annual cap of $15 million and a total aggregate credit limit of $60 million. To qualify, laboratories must apply to the economic development department for certification, which will issue eligibility certificates detailing the credit amount and taxable periods. The credit can be claimed within one year of receiving federal funds and may be carried forward for up to 60 consecutive taxable periods if it exceeds the current tax liability. The bill defines key terms such as "federal quantum agency" as the federal agency responsible for quantum benchmarking, and "quantum testing and evaluation" as an initiative aimed at determining the feasibility of building an industrially useful quantum computer by 2033. The tax credit is available from July 1, 2025, until July 1, 2035, and is designed to encourage quantum business recruitment and economic development in New Mexico. If multiple national laboratories claim the credit, they must develop a joint operational plan to ensure they do not exceed the annual credit limitations.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=212&year=25