Bill > SB31

This bill establishes a new "technology readiness gross receipts tax credit" for national laboratories in New Mexico that provide assistance to businesses licensed to operate in the state and that have licensed technology from these laboratories. The credit, available until July 1, 2027, aims to promote the commercialization of technologies developed at these national laboratories by helping businesses mature their licensed technologies to a stage where a prototype or demonstration of real-world application is feasible. The credit amount is tied to the qualified expenditures a national laboratory incurs in providing this assistance, capped at $250,000 per licensed technology that reaches maturation, with an annual limit of $2.5 million per national laboratory. To claim the credit, national laboratories must obtain a certificate of eligibility from the economic development department, demonstrating that the assistance led to technology maturation, was not readily available elsewhere, and that the business is registered in New Mexico. National laboratories are also required to establish a technology readiness assistance program, create a revolving fund for assistance costs, and consult with the economic development department. If multiple national laboratories are involved, they must coordinate their efforts and develop a joint operational plan to ensure the assistance meets business needs and that combined credit claims do not exceed the established limits. The bill also mandates annual reporting on program results, projects, business surveys, credit amounts claimed, and economic impact.