Bill > SB393

This bill provides a temporary gaming tax exemption for gaming operator licensees located in an area declared as a disaster area due to a wildfire in June 2024. Specifically, the bill creates a new section in the Gaming Control Act that exempts such licensees from paying gaming taxes before July 1, 2029. The exemption requires the tax expenditure to be included in the tax expenditure budget, and it authorizes the tax department to reveal necessary return information to comply with budgeting requirements. The bill includes a delayed repeal provision that will automatically terminate the tax exemption on July 1, 2029, and contains an emergency clause indicating the immediate necessity of the act for public peace, health, and safety. The effective date will be the first day of the month following the act's enactment, allowing gaming operators in the specified wildfire-impacted disaster area to receive tax relief during their recovery period.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=393&year=25