NM SB151

Amends the Corporate Income and Franchise Tax Act to decouple from certain federal provisions, requiring corporations to add back excess bonus depreciation deductions and additional interest expenses resulting from changes to Section 163(j)(8) of the Internal Revenue Code made by Public Law 119-21

Creates local journalist employment tax credits (both individual and corporate) equal to 30% of wages paid to journalists, capped at $50,000 per journalist and $4 million total annually, available through January 1, 2032

Establishes a gross receipts tax deduction for construction materials and labor used in developing multifamily affordable housing projects where at least 80% of units serve low or moderate income households, effective July 1, 2027 through July 1, 2030

Creates a physician tax credit of $10,000 for physicians providing at least 1,584 hours of health care services annually in New Mexico, and local news printer tax credits of up to $10,000 per qualified employee with a $1 million annual cap

Extends eligibility for the high-wage jobs tax credit to jobs created before July 1, 2036, and appropriates $62.7 million for fiscal year 2027 salary increases of 1% for state employees, public school personnel, and higher education staff