Bill > HB447

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 exempts these gaming businesses from paying gaming taxes before July 1, 2029. The exemption requires the Department of Taxation to include the tax exemption in the tax expenditure budget, which tracks the annual aggregate cost of tax breaks. By claiming this exemption, the taxpayer authorizes the department to disclose necessary tax return information to comply with budget reporting 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 importance of the legislation for public peace, health, and safety. The bill will take effect on the first day of the month following its enactment, providing timely financial relief to gaming businesses in a disaster-stricken area.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=447&year=25