Bill > SB240

This bill establishes a "live horse race gaming tax credit" for eligible racetrack operators in New Mexico, effective January 1, 2016, to help offset the costs associated with conducting live horse racing. The credit amount varies based on the previous year's gaming tax payments, with a maximum of $12,500 per racing day for operators who paid $10 million or less in gaming tax, and $7,500 per racing day for those who paid more than $10 million. The total amount of these tax credits allowed statewide in a fiscal year is capped at $3 million, and individual taxpayers cannot claim more than 75% of their gaming tax liability. To qualify, operators must conduct at least as many live racing days as they did in fiscal year 2014, unless approved for an exception by the state racing commission, which will certify eligibility and oversee the program. The taxation and revenue department will administer the credit and, along with the state racing commission, will compile annual reports to evaluate its effectiveness and cost.