Bill > HB232

This bill establishes a "gun storage income tax credit" for individuals in New Mexico, applicable to taxable years beginning on or after January 1, 2026, and prior to January 1, 2029. It allows a taxpayer, who is not a dependent, to receive a one-time credit on their income tax for purchasing a "secure gun storage" – defined as a new safe, gun safe, gun case, lock box, or similar device designed to store a firearm and unlockable only by key, combination, or similar means – after July 1, 2026. The credit amount will be equal to the purchase price of the secure gun storage, up to a maximum of $1,000, provided the storage meets specific safety and technical standards and is certified by the Department of Public Safety. There's an annual cap of $500,000 on the total amount of credits that can be certified, with applications processed on a first-come, first-served basis. Taxpayers must apply for certification from the Department of Public Safety and then claim the credit on their tax return within twelve months of the purchase year, including proof of purchase and the eligibility certificate. Any credit amount exceeding a taxpayer's tax liability will be refunded, and provisions are made for married individuals filing separately and for business entities like partnerships or limited liability companies. The Department of Taxation and Revenue will compile an annual report on the credit's usage and cost for legislative review.

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https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legtype=B&legno=232&year=26