Bill > HB568

This bill creates a Home Fire Recovery Income Tax Credit for New Mexico taxpayers who have rebuilt their homes after wildfires that occurred between 2021 and 2023. Specifically, the bill allows taxpayers who are not dependents and have constructed a site-built home on the same property where their previous home was destroyed by wildfire to claim a tax credit equal to their qualified home construction expenditures. To claim the credit, taxpayers must apply to the construction industries division within 12 months of completing home construction, providing proof of the wildfire destruction, construction contract, and completion of the new home. The tax credit can be used against income tax liability, with any excess credit able to be carried forward for up to three consecutive years. Married couples filing separately can each claim half the credit, and the credit is available for homes constructed between the bill's effective date and January 1, 2031, with the provision itself set to be repealed on January 1, 2032. The bill defines specific terms like "home" and "site-built home" and requires the tax department to compile an annual report on the credit's usage. The tax credit provisions will apply to taxable years beginning on or after January 1, 2025.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=568&year=25