Bill > SB36

This bill establishes two new tax credits, the Quantum Facility Infrastructure Income Tax Credit and the Quantum Facility Infrastructure Corporate Income Tax Credit, designed to incentivize investment in quantum technology infrastructure in New Mexico. For taxable years ending before January 1, 2029, taxpayers who spend at least $3 million on qualified expenditures for infrastructure or equipment for a quantum facility, which is defined as a facility in New Mexico conducting research and development in quantum technology (technology relying on quantum superposition or entanglement), can claim a credit equal to 30% of those expenditures, up to $50 million per facility. To qualify, taxpayers must obtain preliminary certification from the economic development department before incurring expenses, and the equipment must remain in New Mexico for at least ten years, with penalties for early removal. Final certification requires substantiating expenditures and, for equipment credits, reporting on internship, apprenticeship, research, or training opportunities provided in collaboration with educational institutions, or efforts to provide shared use of quantum computing testbeds, which are open-access quantum computer systems funded by the U.S. Department of Energy. The total amount of these credits certified annually across both types of credits is capped at $50 million, and any credit amount exceeding a taxpayer's tax liability will be refunded. These provisions are set to be repealed on January 1, 2030, and apply to taxable years beginning on or after January 1, 2026.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=36&year=26