New Mexico legislation · 2026 Regular Session
New Mexico HB27: TECHNOLOGY JOBS R&D TAX CREDIT EXPANSION
Status: Introduced, January 29, 2026
What the bill says
An act relating to taxation; expanding the definition of "qualified expenditure" in the technology jobs and research and development tax credit act to include expenditures for property that is owned by a municipality or county in connection with an industrial revenue bond project; allowing transferability for a limited period.
From the committee substitute text, January 29, 2026:
AN ACT RELATING TO TAXATION; EXPANDING THE DEFINITION OF "QUALIFIED EXPENDITURE" IN THE TECHNOLOGY JOBS AND RESEARCH AND DEVELOPMENT TAX CREDIT ACT TO INCLUDE EXPENDITURES FOR PROPERTY THAT IS OWNED BY A MUNICIPALITY OR COUNTY IN CONNECTION WITH AN INDUSTRIAL REVENUE BOND PROJECT; ALLOWING TRANSFERABILITY FOR A LIMITED PERIOD. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 7-9F-3 NMSA 1978 (being Laws 2000 (2nd S.S.), Chapter 22, Section 3, as amended by Laws 2019, Chapter 270, Section 38 and by Laws 2019, Chapter 274, Section 12) is amended to read: "7-9F-3. DEFINITIONS.--As used in the Technology Jobs and Research and Development Tax Credit Act: A. "affiliate" means a person who directly or .233339.1 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ HCEDC/HB indirectly owns or controls, is owned or controlled by or is under common ownership or control with another person through ownership of voting securities or other ownership interests representing a majority of the total voting power of the entity; B. "annual payroll expense" means the wages paid or payable to employees in the state by the taxpayer in the taxable year for which the taxpayer applies for an additional credit pursuant to the Technology Jobs and Research and Development Tax Credit Act; C. "base payroll expense" means the wages paid or …
Sponsors
- Meredith A. Dixon (D, HD-020) · primary sponsor
- Michael Padilla (D, SD-014)
- Joshua N. Hernandez (R, HD-060)
- Linda Serrato (D, HD-045)
- Nicole Tobiassen (R, SD-021)
Latest actions
- : HCEDC: Reported by committee with Do Not Pass but with a Do Pass recommendation on Committee Substitution
- : Sent to HCEDC - Referrals: HCEDC/HTRC
- : Action Postponed Indefinitely
- : Sent to HPREF - Referrals: HPREF
Subjects: PROPERTY (conservancy districts, land grants, real estate), TAXATION, INCOME, BUSINESS & INDUSTRY
Common questions
- What is HB27?
- HB27 is a bill in the New Mexico Legislature (2026 Regular Session): TECHNOLOGY JOBS R&D TAX CREDIT EXPANSION.
- What does HB27 do?
- In its own words: An act relating to taxation; expanding the definition of "qualified expenditure" in the technology jobs and research and development tax credit act to include expenditures for property that is owned by a municipality or county in connection with an industrial revenue bond project; allowing transferability for a limited period.
- What is the status of HB27?
- Introduced as of January 29, 2026. Latest action: HCEDC: Reported by committee with Do Not Pass but with a Do Pass recommendation on Committee Substitution (January 29, 2026).
- Who sponsored HB27?
- Meredith A. Dixon (D, HD-020), with 4 co-sponsors.
- Where is the official record for HB27?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=27&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.