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NM HB298
Bill
Status
Introduced
2/3/2026
Primary Sponsor
Luis Terrazas
Click for details
AI Summary
- Creates a corporate income tax credit equal to 50% of qualified railroad infrastructure expenditures for taxable years before January 1, 2036
- Caps reconstruction/replacement credits at $5,000 per mile of railroad track owned or leased in New Mexico; caps new rail infrastructure credits at $1,000,000 per new rail-served customer project
- Limits total annual aggregate credits certified statewide to $6,000,000, with applications processed in order received
- Eligible railroads include class two and class three railroads (as classified by federal Surface Transportation Board) located wholly or partly in New Mexico
- Credits are transferable and may be sold to other taxpayers; unused credits may be carried forward for up to five consecutive taxable years but are not refundable
Legislative Description
Rail Infrastructure Tax Credit
Last Action
HCEDC: Reported by committee with Do Pass recommendation with amendment(s)
2/10/2026
Committee Referrals
Commerce & Economic Development2/3/2026
Full Bill Text
No bill text available