Sat Mar 8 4:39PM - 13 days, 18 hours left in session
| Sponsors | ||
|---|---|---|
| Rep. Gail Armstrong | 49 | Catron, Sierra, Socorro & Valencia |
| Rep. Mark Duncan | 2 | San Juan |
| Rep. Mark B. Murphy | 59 | Chaves |
| Rep. Rebecca Dow | 38 | Doña Ana, Sierra & Socorro |
| Rep. Joshua N. Hernandez | 60 | Sandoval |
| Status | |||
|---|---|---|---|
| HCEDC ✓ | Passed, Feb 26, with Do Pass recommendation | ||
| HTRC ❓ | Possibly heard on Mar 5; it may take 1-2 days to learn status. | ||
This is the official nmlegis action history. I'm doing my best to translate the LONG/WEIRD-STRING to something less gibberishy. And before you ask, no, the "Legis Day" number has no mapping to the real world.
Actions: [4] HCEDC/HTRC-HCEDC [10] DP-HTRC
| Legis Day | Action | Details | ||
|---|---|---|---|---|
| 4 | referred | HCEDC/HTRC | ||
| 4 | sent | HCEDC | ||
| 10 | passed | HCEDC (view committee report) | DP | 10-0 |
| 10 | sent | HTRC |
This table shows bill actions detected on Ed's system, using heuristics that may not be 100% accurate and which may not reflect the "official" nmlegis chronology. It is probably more than you care to know.
| Feb 7 | filed: [Prefiled by Gail Armstrong et al; not yet on nmlegis] |
| [new] | |
| sent to HCEDC | |
| title: '[prefiled by Gail Armstrong Et Al; Not Yet on Nmlegis]' -> 'Housing Construction Tax Credit' | |
| actions: 'HPREF' -> '[4] HCEDC/HTRC-HCEDC' | |
| new sponsor: Gail Armstrong | |
| new sponsor: Mark Duncan | |
| new sponsor: Mark B. Murphy | |
| new sponsor: Rebecca Dow | |
| new sponsor: Joshua N. Hernandez | |
| Feb 25 | added to HCEDC 2025-02-26 13:30 |
| added to HCEDC agenda on Wed Feb 26, 13:30 | |
| Feb 27 | passed HCEDC; sent to HTRC |
| actions: '[4] HCEDC/HTRC-HCEDC' -> '[4] HCEDC/HTRC-HCEDC [10] DP-HTRC' | |
| Mar 1 | scheduled for HTRC on Mon Mar 3, 08:30 |
| Mar 3 | rescheduled for HTRC on Wed Mar 5, 08:30 |
HOUSE BILL 325
57th legislature - STATE OF NEW MEXICO - first session, 2025
INTRODUCED BY
Gail Armstrong and Mark Duncan and Mark B. Murphy
and Rebecca Dow and Joshua N. Hernandez
AN ACT
RELATING TO TAXATION; CREATING GROSS RECEIPTS TAX DEDUCTIONS FOR SELLING LABOR INCURRED DURING THE CONSTRUCTION OF NEW RESIDENTIAL HOUSING AND FOR SALES OF RESIDENTIAL HOUSING; CREATING A HOLD HARMLESS DISTRIBUTION TO MUNICIPALITIES AND COUNTIES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Tax Administration Act is enacted to read:
"[NEW MATERIAL] DISTRIBUTION TO HOLD HARMLESS MUNICIPALITIES AND COUNTIES FROM GROSS RECEIPTS TAX DEDUCTIONS FOR SELLING LABOR INCURRED DURING THE CONSTRUCTION OF NEW RESIDENTIAL HOUSING AND FOR SALES OF RESIDENTIAL HOUSING.--
A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to a municipality in an amount, subject to any increase or decrease made pursuant to Section 7-1-6.15 NMSA 1978, equal to the total deductions claimed pursuant to Sections 2 and 3 of this 2025 act for the month by taxpayers from business locations in the municipality multiplied by the sum of the combined rate of all municipal local option gross receipts taxes in effect in the municipality for the month plus one and two hundred twenty-five thousandths percent.
B. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to a county in an amount, subject to any increase or decrease made pursuant to Section 7-1-6.15 NMSA 1978, equal to the total deductions claimed pursuant to Sections 2 and 3 of this 2025 act for the month by taxpayers from business locations:
(1) within a municipality in the county multiplied by the combined rate of all county local option gross receipts taxes in effect for the month that are imposed throughout the county; and
(2) in the county but not within a municipality multiplied by the combined rate of all county local option gross receipts taxes in effect for the month that are imposed in the county area not within a municipality."
SECTION 2. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:
"[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS--SELLING LABOR INCURRED DURING THE CONSTRUCTION OF CERTAIN NEW RESIDENTIAL HOUSING.--
A. Except as provided in Subsection B of this section, receipts from selling labor incurred during the construction of new residential housing may be deducted from gross receipts.
B. Receipts shall not be deducted pursuant to this section if any receipt of the taxpayer is deducted pursuant to Section 3 of this 2025 act during the twelve-month period described in that section.
C. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department.
D. A taxpayer shall not claim a deduction pursuant to this section and a deduction pursuant to Section 3 of this 2025 act.
E. The deduction provided by this section shall be
included in the tax expenditure budget pursuant to Section
7-1-84 NMSA 1978, including the total annual aggregate cost of the deduction.
F. As used in this section, "residential housing" means residential property that is a single-family residence, a town house, a condominium or an apartment building."
SECTION 3. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:
"[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS--CERTAIN NEW RESIDENTIAL HOUSING.--
A. Except as provided in Subsection B of this section, a taxpayer may deduct from gross receipts up to:
(1) one hundred twenty-five thousand dollars ($125,000) during any twelve-month period from the sale of new residential housing; and
(2) seventy-five thousand dollars ($75,000) during any twelve-month period from the sale of new residential housing that is intended for lease.
B. Receipts shall not be deducted pursuant to this section if:
(1) the receipt is for a sale related to
renovation or remodeling; or
(2) during the twelve-month period, any receipt of the taxpayer is deducted pursuant to Section 2 of this 2025 act.
C. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department.
D. A taxpayer shall not claim a deduction pursuant to this section and a deduction pursuant to Section 2 of this 2025 act.
E. The deductions provided by this section shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the total annual aggregate cost of the deductions.
F. As used in this section, "residential housing" means residential property that is a single-family residence, a town house, a condominium or an apartment building."
SECTION 4. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2025.
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