NM HB186

Tax credit for donating land for conservation purposes increases from 50% to 80% of fair market value for conveyances made on or after July 1, 2026

Maximum credit amount rises from $250,000 to $2,000,000 for conveyances made on or after July 1, 2026

Credits become refundable, meaning taxpayers receive cash back for any credit amount exceeding their tax liability instead of carrying unused amounts forward

Multiple record owners of a donated property may each claim a proportional share of the credit based on their ownership interest, with total credits not exceeding what a single owner would receive

Credits may still be transferred once through a qualified intermediary in increments of $10,000 or more, and may be carried forward for up to 20 years