Bill > HB545

This bill creates a new tax credit for New Mexico residents who receive natural gas or electric utility bills for their primary residence. Specifically, taxpayers can claim a credit equal to 50% of their annual utility bills, with some important conditions: the taxpayer must not be a dependent, must apply for certification from the Public Regulation Commission, and can only claim one credit per year (with special rules for married couples filing separately). The credit can be fully refundable if it exceeds the taxpayer's income tax liability, meaning eligible individuals could receive money back even if they do not owe taxes. Taxpayers must apply for the credit within one taxable year of the commission certifying their eligibility, and the credit will apply to tax years beginning on or after January 1, 2025. The bill defines "public utility" and "rural electric cooperative" according to existing New Mexico state laws, and requires the credit to be included in the state's tax expenditure budget to track its total annual cost. The goal appears to be providing financial relief to residents for utility expenses.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=545&year=25