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NM SB92
Bill
Status
Introduced
1/22/2026
Primary Sponsor
Michael Padilla
Click for details
AI Summary
- Creates a gross receipts tax deduction for construction materials and labor used in developing affordable multifamily residential housing projects in New Mexico
- Deduction applies only to sales made to qualifying grantees under the Affordable Housing Act, for housing serving households at or below 80% of area median income
- Multifamily residential housing is defined as buildings designed for occupancy by more than three households, including congregate housing and transitional/temporary housing for homeless persons
- Tax deduction expires July 1, 2033 and must be included in the state's tax expenditure budget with annual aggregate cost reporting
- Effective date is July 1, 2026
Legislative Description
Construction Materials Gross Receipts
Last Action
SCC: Reported by committee to fall within the purview of a 30 day session
1/23/2026
Committee Referrals
Committees1/22/2026
Full Bill Text
No bill text available