Bill > SB225

This bill establishes a "livable home income tax credit" for New Mexico taxpayers, available for taxable years from 2016 through 2023, to help offset the costs of making existing homes more accessible for individuals who are not dependents. The credit allows taxpayers to claim fifty percent of qualifying renovation costs, up to a maximum of $5,000, for improvements such as installing ramps, widening doorways, adding handrails, or modifying bathrooms and kitchens. If the credit amount exceeds a taxpayer's tax liability, it cannot be refunded but can be carried forward for up to seven years. Taxpayers must apply for the credit through forms and procedures established by the department, and they cannot claim other New Mexico tax credits for the same renovation costs. The bill also includes provisions for married couples filing separately, business entities, and requires the department to report annually on the credit's usage and effectiveness.