New Mexico HB186: TAX CREDIT FOR CONVEYANCE OF PROPERTY

What the bill says

An act relating to taxation; increasing the amount of credit for the conveyance of property for conservation or preservation purposes pursuant to the income tax act and the corporate income and franchise tax act; providing for the determination of how much of the credits may be claimed by taxpayers who have an ownership interest in certain business entities; making the credits refundable.

From the introduced text, January 27, 2026:

AN ACT RELATING TO TAXATION; INCREASING THE AMOUNT OF CREDIT FOR THE CONVEYANCE OF PROPERTY FOR CONSERVATION OR PRESERVATION PURPOSES PURSUANT TO THE INCOME TAX ACT AND THE CORPORATE INCOME AND FRANCHISE TAX ACT; PROVIDING FOR THE DETERMINATION OF HOW MUCH OF THE CREDITS MAY BE CLAIMED BY TAXPAYERS WHO HAVE AN OWNERSHIP INTEREST IN CERTAIN BUSINESS ENTITIES; MAKING THE CREDITS REFUNDABLE. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 7-2-18.10 NMSA 1978 (being Laws 2003, Chapter 331, Section 7, as amended) is amended to read: "7-2-18.10. TAX CREDIT--CERTAIN CONVEYANCES OF REAL PROPERTY.-- A. There shall be allowed as a credit against the tax liability imposed by the Income Tax Act, an amount equal to .232289.7 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ [fifty percent] the following percentages of the fair market value of land or interest in land that is conveyed for the purpose of open space, natural resource or biodiversity conservation, agricultural preservation or watershed or historic preservation as an unconditional donation in perpetuity by the landowner or taxpayer to a public or private conservation agency eligible to hold the land and interests therein for conservation or preservation purposes: (1) fifty percent for land or an interest in land conveyed prior to July 1, 2026; and (2) eighty percent for …

Read the full official text

Sponsors

• Susan Herrera (D, 41) · primary sponsor
• Rebecca Dow (R, HD-038)
• Roberto "Bobby" J. Gonzales (D, SD-006)

Latest actions

1. February 9, 2026: HCEDC: Reported by committee with Do Pass recommendation
2. January 27, 2026: Sent to HCEDC - Referrals: HCEDC/HTRC
3. : Action Postponed Indefinitely

Common questions

What is HB186?

HB186 is a bill in the New Mexico Legislature (2026 Regular Session): TAX CREDIT FOR CONVEYANCE OF PROPERTY.

What does HB186 do?

In its own words: An act relating to taxation; increasing the amount of credit for the conveyance of property for conservation or preservation purposes pursuant to the income tax act and the corporate income and franchise tax act; providing for the determination of how much of the credits may be claimed by taxpayers who have an ownership interest in certain business entities; making the credits refundable.

What is the status of HB186?

Introduced as of February 9, 2026. Latest action: HCEDC: Reported by committee with Do Pass recommendation (February 9, 2026).

Who sponsored HB186?

Susan Herrera (D, 41), with 2 co-sponsors.

Where is the official record for HB186?

On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=186&year=26