Bill > HJR3

This Joint Resolution proposes an amendment to the New Mexico Constitution to limit the duration of economic development tax incentives, which are defined as any tax benefit like a credit, deduction, rebate, or exemption intended to encourage economic growth or favor specific industries in the state. Specifically, it mandates that any such incentive starting on or after January 1, 2017, will automatically expire ten years after its effective date unless the Legislature takes action to extend it, with each extension also limited to a maximum of ten years. This proposed constitutional change will be put to a vote of the people at the next general or a specially called election for their approval or rejection.