Bill > SB211

This bill establishes two new tax credits to incentivize quantum technology infrastructure development in New Mexico: a Quantum Facility Infrastructure Income Tax Credit for individual taxpayers and a Quantum Facility Infrastructure Corporate Income Tax Credit for businesses. Both credits allow taxpayers who invest at least $3 million in quantum facility infrastructure to claim a tax credit equal to 30% of their qualified expenditures, up to $50 million per facility. To qualify, taxpayers must first obtain preliminary certification from the Economic Development Department by demonstrating their planned infrastructure investments for a quantum facility, which is defined as a research and development site for quantum technologies involving quantum superposition or entanglement. The total aggregate credits are capped at $75 million, with the potential to increase to $150 million if New Mexico receives a National Science Foundation regional innovation engines award for quantum technologies. The credits are available for taxable years ending before January 1, 2035, and any excess credit amount can be refunded to the taxpayer. Importantly, the credits cannot be claimed for property already owned by the taxpayer before January 1, 2025, or for facilities operated by federal agencies. The bill includes a delayed repeal provision, meaning these tax credit provisions will automatically expire on January 1, 2036.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=211&year=25