Bill > HB27

This bill expands the Technology Jobs and Research and Development Tax Credit Act by broadening the definition of "qualified expenditure," which are costs eligible for tax credits related to research and development. Specifically, it now includes expenditures for property that is owned by a municipality or county and used in connection with an industrial revenue bond project, which are financial tools used by local governments to finance economic development. The bill also extends the period for carrying forward unused tax credits from three to ten years and introduces a new provision allowing these tax credits to be sold, exchanged, or transferred to another taxpayer for their full value, with notification required to the taxation and revenue department within ten days of the transaction. These changes are set to take effect for taxable years beginning on or after January 1, 2026.

Business and Industry

https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=27&year=26