Bill > SB298

This bill proposes a tax exemption for health care practitioners working full-time in New Mexico, which would apply to taxable years from 2025 to 2034. Specifically, the bill exempts qualifying health care professionals from paying state income tax on earnings derived from providing health care services within New Mexico. The definition of "health care practitioner" is comprehensive, including professionals such as physicians, physician assistants, dentists, chiropractors, optometrists, psychologists, physical therapists, osteopathic physicians, doctors of oriental medicine, dental hygienists, and podiatric physicians. To be eligible, these practitioners must be licensed in their respective fields and practice full-time in the state. The tax exemption must be included in the state's tax expenditure budget, which will track the annual aggregate cost of this credit. The bill is set to take effect for taxable years beginning on or after January 1, 2025, and is designed to potentially attract and retain health care professionals in New Mexico by offering a significant financial incentive.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=298&year=25