Bill > SB296

This bill creates a new tax credit program specifically designed to incentivize physicians to practice medicine full-time in New Mexico while managing student loan debt. The physician income tax credit allows eligible healthcare professionals (including medical doctors, osteopathic physicians, and dentists) who have completed a medical residency to claim a $50,000 tax credit for up to five consecutive years if they practice medicine full-time in the state and have an outstanding medical education student loan. To qualify, physicians must work at least 1,584 hours per year in New Mexico and apply for certification through the higher education department, which will verify their eligibility and issue a certificate. Any portion of the credit that exceeds the taxpayer's income tax liability will be refunded, and the credit must be claimed within three years of certification. The bill is applicable to taxable years beginning on or after January 1, 2025, and aims to address potential physician shortages and support healthcare professionals by providing significant financial incentives for practicing in the state.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=296&year=25