New Mexico HB298: RAIL INFRASTRUCTURE TAX CREDIT

What the bill says

An act relating to taxation; creating the rail infrastructure corporate income tax credit; allowing the taxation and revenue department and the department of transportation to share information concerning rail infrastructure corporate income tax credits.

From the introduced text, February 3, 2026:

AN ACT RELATING TO TAXATION; CREATING THE RAIL INFRASTRUCTURE CORPORATE INCOME TAX CREDIT; ALLOWING THE TAXATION AND REVENUE DEPARTMENT AND THE DEPARTMENT OF TRANSPORTATION TO SHARE INFORMATION CONCERNING RAIL INFRASTRUCTURE CORPORATE INCOME TAX CREDITS. 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] RAIL INFRASTRUCTURE CORPORATE INCOME TAX CREDIT.-- A. For taxable years prior to January 1, 2036, a taxpayer that is a railroad that incurs qualified reconstruction or replacement expenditures or qualified new rail infrastructure expenditures may claim a tax credit against .233646.1 wen = lairetam derocsrednu eteled = ]lairetam detekcarb[ the taxpayer's tax liability for that taxable year imposed pursuant to the Corporate Income and Franchise Tax Act. The tax credit provided by this section may be referred to as the "rail infrastructure corporate income tax credit". B. The purpose of the rail infrastructure corporate income tax credit is to incentivize incremental expansions or improvements to rail infrastructure that would not reasonably occur but for the availability of the credit, increase freight capacity, reduce highway externalities and enhance the competitiveness of New Mexico businesses. C. The amount of credit that may be allowed pursuant to this section shall be equal to fifty percent of a taxpayer's …

Read the full official text

Sponsors

• Luis M. Terrazas (R, HD-039) · primary sponsor
• Derrick J. Lente (D, HD-065)

Latest actions

1. February 10, 2026: HCEDC: Reported by committee with Do Pass recommendation with amendment(s)
2. February 3, 2026: Sent to HCEDC - Referrals: HCEDC/HTRC
3. : Action Postponed Indefinitely

Common questions

What is HB298?

HB298 is a bill in the New Mexico Legislature (2026 Regular Session): RAIL INFRASTRUCTURE TAX CREDIT.

What does HB298 do?

In its own words: An act relating to taxation; creating the rail infrastructure corporate income tax credit; allowing the taxation and revenue department and the department of transportation to share information concerning rail infrastructure corporate income tax credits.

What is the status of HB298?

Introduced as of February 10, 2026. Latest action: HCEDC: Reported by committee with Do Pass recommendation with amendment(s) (February 10, 2026).

Who sponsored HB298?

Luis M. Terrazas (R, HD-039), with 1 co-sponsor.

Where is the official record for HB298?

On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=H&legType=B&legNo=298&year=26