Bill > HB276

This bill establishes a "qualified business facility construction and rehabilitation income tax credit" for taxable years between 2016 and 2025, aiming to revitalize economically depressed areas in New Mexico. The credit allows taxpayers to receive a nontransferable tax credit equal to 25% of construction costs for new qualified business facilities or 50% for restoring, rehabilitating, or renovating existing ones, with a maximum credit of $50,000 for new construction and $100,000 for rehabilitation per facility. A "qualified business facility" is defined as a commercial building in a designated New Mexico enterprise zone or an "economic development zone" (an area designated by the economic development department to address economic concerns) that is occupied by a trade or business within 90 days of receiving a certificate of occupancy. The credit can only be claimed in the year a certificate of occupancy is received, and any unused credit can be carried forward for up to four years, but it cannot be refunded or transferred, nor can it be claimed alongside other New Mexico tax credits for the same costs. The bill also mandates annual reporting by the department on the credit's effectiveness and cost.