NM HB77

Creates a corporate income tax credit for rehabilitation expenses on buildings or lots vacant 2+ years in New Mexico, with 30% credit (up to $2 million) for properties vacant 2-5 years and 40% credit (up to $4 million) for properties vacant 5+ years

Requires at least 15% of developed residential units qualify as affordable housing for households at or below 85% of area median income

Caps total annual credits at $100 million statewide, with no more than $50 million allowed for non-rural area projects

New Mexico Mortgage Finance Authority administers pre-certification and final certification process; credits may be sold, exchanged, or transferred to other taxpayers

Credit applies to taxable years beginning January 1, 2026, with the program set to repeal January 1, 2038