New Mexico legislation · 2026 Regular Session
New Mexico HB265: TAXPAYER DIVIDEND INCOME TAX REBATE FUND
Status: In committee, January 30, 2026
What the bill says
An act relating to public finance; creating the taxpayer dividend income tax rebate fund; providing for income tax rebates; changing a distribution of federal mineral leasing funds to the early childhood education and care fund to the taxpayer dividend income tax rebate fund; amending, repealing and enacting sections of the nmsa 1978; making an appropriation.
From the introduced text, January 30, 2026:
AN ACT RELATING TO PUBLIC FINANCE; CREATING THE TAXPAYER DIVIDEND INCOME TAX REBATE FUND; PROVIDING FOR INCOME TAX REBATES; CHANGING A DISTRIBUTION OF FEDERAL MINERAL LEASING FUNDS TO THE EARLY CHILDHOOD EDUCATION AND CARE FUND TO THE TAXPAYER DIVIDEND INCOME TAX REBATE FUND; AMENDING, REPEALING AND ENACTING SECTIONS OF THE NMSA 1978; MAKING AN APPROPRIATION. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: SECTION 1. Section 6-4-27 NMSA 1978 (being Laws 2020, Chapter 3, Section 4, as amended) is amended to read: "6-4-27. EXCESS EXTRACTION TAXES SUSPENSE FUND--TRANSFER OF EXCESS OIL AND GAS EMERGENCY SCHOOL TAX REVENUE--TAX STABILIZATION RESERVE--[EARLY CHILDHOOD EDUCATION AND CARE] TAXPAYER DIVIDEND INCOME TAX REBATE FUND [BEHAVIORAL HEALTH TRUST FUND--SEVERANCE TAX PERMANENT FUND].-- .233079.1 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ A. The "excess extraction taxes suspense fund" is created as a nonreverting fund in the state treasury. Money in the fund shall only be used to make transfers by the department of finance and administration as required by this section. B. At the end of each fiscal year, the department of finance and administration shall calculate and transfer the balance of the fund attributable to that fiscal year as follows: (1) [if in the current fiscal year the total net receipts attributable to the tax imposed pursuant to Section 7-31-4 NMSA …
Sponsors
- Randall T. Pettigrew (R, HD-061) · primary sponsor
Latest actions
- : Sent to HTRC - Referrals: HTRC/HAFC
- : Action Postponed Indefinitely
Subjects: TAXATION, INCOME, FINANCE, PUBLIC
Common questions
- What is HB265?
- HB265 is a bill in the New Mexico Legislature (2026 Regular Session): TAXPAYER DIVIDEND INCOME TAX REBATE FUND.
- What does HB265 do?
- In its own words: An act relating to public finance; creating the taxpayer dividend income tax rebate fund; providing for income tax rebates; changing a distribution of federal mineral leasing funds to the early childhood education and care fund to the taxpayer dividend income tax rebate fund; amending, repealing and enacting sections of the nmsa 1978; making an appropriation.
- What is the status of HB265?
- In committee as of January 30, 2026. Latest action: Sent to HTRC - Referrals: HTRC/HAFC (January 30, 2026).
- Who sponsored HB265?
- Randall T. Pettigrew (R, HD-061).
- Where is the official record for HB265?
- On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=265&year=26
Source: official New Mexico record. Tracked by Delilah, AI for legislation across all 50 states and Congress.