New Mexico legislation · 2026 Regular Session
New Mexico HB77: AFFORDABLE HOUSING REVITALIZATION TAX CREDIT
Status: Introduced, February 2, 2026
What the bill says
An act relating to taxation; creating the affordable housing revitalization corporate income tax credit; providing a delayed repeal.
From the committee substitute text, February 2, 2026:
AN ACT RELATING TO TAXATION; CREATING THE AFFORDABLE HOUSING REVITALIZATION CORPORATE INCOME TAX CREDIT; PROVIDING A DELAYED REPEAL. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. A new section of the Corporate Income and Franchise Tax Act is enacted to read: "[NEW MATERIAL] AFFORDABLE HOUSING REVITALIZATION CORPORATE INCOME TAX CREDIT.-- A. Beginning on the effective date of this section and prior to January 1, 2037, a taxpayer that is a qualifying grantee pursuant to the Affordable Housing Act and that incurs rehabilitation expenses for a revitalization project in New Mexico may claim a credit against the taxpayer's tax liability imposed pursuant to the Corporate Income and Franchise Tax Act. .233572.1 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ HCEDC/HB The tax credit provided by this section may be referred to as the "affordable housing revitalization corporate income tax credit". B. The amount of tax credit shall be in an amount equal to thirty percent of the rehabilitation expenses incurred for a building or lot that has been vacant for more than two years but less than five years, up to a maximum of two million dollars ($2,000,000) per taxpayer, or forty percent of the rehabilitation expenses incurred for a building or lot that has been vacant for five years or longer, up to a …
Sponsors
- Rebecca Dow (R, HD-038) · primary sponsor
- Cindy Nava (D, SD-009)
- Joshua N. Hernandez (R, HD-060)
- Anita Gonzales (D, HD-070)
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
Common questions
- What is HB77?
- HB77 is a bill in the New Mexico Legislature (2026 Regular Session): AFFORDABLE HOUSING REVITALIZATION TAX CREDIT.
- What does HB77 do?
- In its own words: An act relating to taxation; creating the affordable housing revitalization corporate income tax credit; providing a delayed repeal.
- What is the status of HB77?
- Introduced as of February 2, 2026. Latest action: HCEDC: Reported by committee with Do Not Pass but with a Do Pass recommendation on Committee Substitution (February 2, 2026).
- Who sponsored HB77?
- Rebecca Dow (R, HD-038), with 3 co-sponsors.
- Where is the official record for HB77?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=77&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.