Bill > SB120

This bill establishes two new tax credits, the "local journalist employment income tax credit" and the "local journalist employment corporate income tax credit," available to qualifying taxpayers for taxable years prior to January 1, 2031, and applicable to tax years beginning on or after January 1, 2026. These credits are designed to support local news organizations by providing a tax incentive equal to thirty percent of the wages paid to each journalist they employ, up to a maximum of $50,000 in compensation per journalist. A "journalist" is defined as someone who gathers and reports news concerning local events, resides within 50 miles of their assigned coverage area, and works at least 25% of the taxable year for the organization. A "local news organization" is broadly defined to include print and digital publications that regularly produce news about state or local events, employ at least one journalist, meet specific content and audience requirements, disclose ownership, and are not primarily funded by political action committees or certain other organizations, with limitations on ownership by publicly traded entities. Taxpayers must apply for certification from the department, and there's an annual aggregate cap of $4 million for both types of credits combined, with applications processed in the order they are received. Any credit amount exceeding a taxpayer's liability will be refunded, and the credits will be included in the state's tax expenditure budget.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=120&year=26