NM HB82

Extends the Technology Readiness Gross Receipts Tax Credit expiration date from July 1, 2027 to July 1, 2035

Increases the annual aggregate credit cap per national laboratory on a phased schedule: $2 million (FY2027), $3 million (FY2028), $4 million (FY2029), and $5 million (FY2030-2035), up from the current $1 million cap

Credit allows national laboratories to claim up to $150,000 per business per fiscal year for qualified expenditures providing technology readiness assistance to New Mexico businesses that have licensed technology from the lab or participate in a cooperative research and development agreement

National laboratories must submit annual reports on program activities, business progress, credits received, and an economic impact study performed by an uninterested third party

Effective date is July 1, 2026