Bill > SB424

This bill expands the existing Rural Health Care Practitioner Tax Credit to include two new types of healthcare professionals: respiratory care practitioners and polysomnographic technologists. Currently, the tax credit allows eligible healthcare practitioners working in rural, underserved areas to claim a tax credit of up to $5,000 or $3,000 depending on their profession and hours worked. The bill adds respiratory care practitioners and polysomnographic technologists to the list of professionals eligible for the $3,000 tax credit, which can be claimed if they work at least 1,584 hours in a qualifying rural healthcare underserved area during a tax year. To claim the credit, practitioners must first submit an application to the Department of Health to verify their eligibility and receive a certificate, which must then be submitted with their New Mexico income tax return. If the credit amount exceeds the taxpayer's tax liability, the excess can be carried forward for up to three consecutive tax years. The bill specifies that these expanded provisions will apply to taxable years beginning on or after January 1, 2025, providing additional financial incentives for these healthcare professionals to work in rural areas with limited medical resources.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=424&year=25