New Mexico 2025 Regular Session

New Mexico House Bill HB142 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	underscored material = new
2	2	[bracketed material] = delete
3	3	1
4	4	2
5	5	3
6	6	4
7	7	5
8	8	6
9	9	7
10	10	8
11	11	9
12	12	10
13	13	11
14	14	12
15	15	13
16	16	14
17	17	15
18	18	16
19	19	17
20	20	18
21	21	19
22	22	20
23	23	21
24	24	22
25	25	23
26	26	24
27	27	25
28	28	HOUSE BILL 142
29	29	57TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2025
30	30	INTRODUCED BY
31	31	Kathleen Cates
32	32	AN ACT
33	33	RELATING TO PROPERTY TAX; REMOVING THE REQUIREMENT THAT A BOARD
34	34	OF COUNTY COMMISSIONERS CONDUCT A PUBLIC HEARING BEFORE
35	35	ADOPTING AN ORDINANCE TO MAKE AVAILABLE A TAX REBATE FOR LOW-
36	36	INCOME TAXPAYERS.
37	37	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
38	38	SECTION 1. Section 7-2-14.3 NMSA 1978 (being Laws 1994,
39	39	Chapter 111, Section 1, as amended) is amended to read:
40	40	"7-2-14.3. TAX REBATE OF PART OF PROPERTY TAX DUE FROM
41	41	LOW-INCOME TAXPAYER--LOCAL OPTION--REFUND.--
42	42	A. The tax rebate provided by this section may be
43	43	claimed for the taxable year for which the return is filed by
44	44	an individual who:
45	45	(1) has [his] the principal place of residence
46	46	in a county that has adopted an ordinance pursuant to
47	47	.229902.1 underscored material = new
48	48	[bracketed material] = delete
49	49	1
50	50	2
51	51	3
52	52	4
53	53	5
54	54	6
55	55	7
56	56	8
57	57	9
58	58	10
59	59	11
60	60	12
61	61	13
62	62	14
63	63	15
64	64	16
65	65	17
66	66	18
67	67	19
68	68	20
69	69	21
70	70	22
71	71	23
72	72	24
73	73	25
74	74	Subsection G of this section;
75	75	(2) is not a dependent of another individual;
76	76	(3) files a return; and
77	77	(4) incurred a property tax liability on [his ]
78	78	the principal place of residence in the taxable year.
79	79	B. The tax rebate provided by this section shall be
80	80	allowed for any individual eligible to claim the refund
81	81	pursuant to Subsection A of this section and who:
82	82	(1) was not an inmate of a public institution
83	83	for more than six months during the taxable year;
84	84	(2) was physically present in New Mexico for at
85	85	least six months during the taxable year for which the rebate
86	86	is claimed; and
87	87	(3) is eligible for the rebate as a low-income
88	88	property taxpayer in accordance with the provisions of
89	89	Subsection D of this section.
90	90	C. [A husband and wife ] Married individuals who
91	91	file separate returns for the taxable year in which they could
92	92	have filed a joint return may each claim only one-half of the
93	93	tax rebate that would have been allowed on the joint return.
94	94	D. As used in the table in this subsection,
95	95	"property tax liability" means the amount of property tax
96	96	resulting from the imposition of the county and municipal
97	97	property tax operating impositions on the net taxable value of
98	98	the taxpayer's principal place of residence calculated for the
99	99	.229902.1
100	100	- 2 - underscored material = new
101	101	[bracketed material] = delete
102	102	1
103	103	2
104	104	3
105	105	4
106	106	5
107	107	6
108	108	7
109	109	8
110	110	9
111	111	10
112	112	11
113	113	12
114	114	13
115	115	14
116	116	15
117	117	16
118	118	17
119	119	18
120	120	19
121	121	20
122	122	21
123	123	22
124	124	23
125	125	24
126	126	25
127	127	year for which the rebate is claimed. The tax rebate provided
128	128	in this section is as specified in the following table:
129	129	LOW-INCOME TAXPAYER'S PROPERTY TAX REBATE TABLE
130	130	Taxpayer's Modified Gross Income Property Tax Rebate
131	131	But Not
132	132	Over Over
133	133	$ 0 $ 8,000 75% of property tax liability
134	134	8,000 10,000 70% of property tax liability
135	135	10,000 12,000 65% of property tax liability
136	136	12,000 14,000 60% of property tax liability
137	137	14,000 16,000 55% of property tax liability
138	138	16,000 18,000 50% of property tax liability
139	139	18,000 20,000 45% of property tax liability
140	140	20,000 22,000 40% of property tax liability
141	141	22,000 24,000 35% of property tax liability.
142	142	E. If a taxpayer's modified gross income is zero, the
143	143	taxpayer may claim a tax rebate in the amount shown in the
144	144	first row of the table. The tax rebate provided for in this
145	145	section shall not exceed three hundred fifty dollars ($350) per
146	146	return and, if a return is filed separately that could have
147	147	been filed jointly, the tax rebate shall not exceed one hundred
148	148	seventy-five dollars ($175). No tax rebate shall be allowed
149	149	any taxpayer whose modified gross income exceeds twenty-four
150	150	thousand dollars ($24,000).
151	151	F. The tax rebate provided for in this section may be
152	152	.229902.1
153	153	- 3 - underscored material = new
154	154	[bracketed material] = delete
155	155	1
156	156	2
157	157	3
158	158	4
159	159	5
160	160	6
161	161	7
162	162	8
163	163	9
164	164	10
165	165	11
166	166	12
167	167	13
168	168	14
169	169	15
170	170	16
171	171	17
172	172	18
173	173	19
174	174	20
175	175	21
176	176	22
177	177	23
178	178	24
179	179	25
180	180	deducted from the taxpayer's New Mexico income tax liability
181	181	for the taxable year. If the tax rebate exceeds the taxpayer's
182	182	income tax liability, the excess shall be refunded to the
183	183	taxpayer.
184	184	[G. In January of every odd-numbered year in which a
185	185	county does not have in effect an ordinance adopted pursuant to
186	186	this subsection, the board of county commissioners of the
187	187	county shall conduct a public hearing on the question of
188	188	whether the property tax rebate provided in this section
189	189	benefiting low-income property taxpayers in the county should
190	190	be made available through adoption of a county ordinance.
191	191	Notice of the public hearing shall be published once at least
192	192	two weeks prior to the hearing date in at least one newspaper
193	193	of general circulation in the county and broadcast at some time
194	194	within the week before the hearing on at least one radio
195	195	station with substantial broadcasting coverage in the county.
196	196	At the public hearing, the board shall take action on the
197	197	question and if a majority of the members elected votes to
198	198	adopt an ordinance, it shall be adopted no later than thirty
199	199	days after the public hearing.
200	200	H. An ordinance adopted pursuant to Subsection G of
201	201	this section] G. A board of county commissioners may by
202	202	adoption of a county ordinance make available the property tax
203	203	rebate provided in this section benefiting low-income property
204	204	taxpayers. The ordinance shall specify the taxable years to
205	205	.229902.1
206	206	- 4 - underscored material = new
207	207	[bracketed material] = delete
208	208	1
209	209	2
210	210	3
211	211	4
212	212	5
213	213	6
214	214	7
215	215	8
216	216	9
217	217	10
218	218	11
219	219	12
220	220	13
221	221	14
222	222	15
223	223	16
224	224	17
225	225	18
226	226	19
227	227	20
228	228	21
229	229	22
230	230	23
231	231	24
232	232	25
233	233	which it is applicable. The board of county commissioners
234	234	adopting an ordinance shall notify the department of the
235	235	adoption of the ordinance and furnish a copy of the ordinance
236	236	to the department no later than September 1 of the first
237	237	taxable year to which the ordinance applies.
238	238	[I.] H. No later than December 31 of the year
239	239	immediately following the first year in which the low-income
240	240	taxpayer property tax rebate provided in the Income Tax Act is
241	241	in effect for a county, and no later than December 31 of each
242	242	year thereafter in which the tax rebate is in effect, the
243	243	department shall certify to the county the amount of the loss
244	244	of income tax revenue to the state for the previous taxable
245	245	year attributable to the allowance of property tax rebates to
246	246	taxpayers of that county. The county shall promptly pay the
247	247	amount certified to the department. If a county fails to pay
248	248	the amount certified within thirty days of the date of
249	249	certification, the department may enforce collection of the
250	250	amount by action against the county and may withhold from any
251	251	revenue distribution to the county, not dedicated or pledged,
252	252	amounts up to the amount certified.
253	253	[J.] I. As used in this section, "principal place of
254	254	residence" means the dwelling owned and occupied by the
255	255	taxpayer and so much of the land surrounding it, not to exceed
256	256	five acres, as is reasonably necessary for use of the dwelling
257	257	as a home and may consist of a part of a multidwelling or a
258	258	.229902.1
259	259	- 5 - underscored material = new
260	260	[bracketed material] = delete
261	261	1
262	262	2
263	263	3
264	264	4
265	265	5
266	266	6
267	267	7
268	268	8
269	269	9
270	270	10
271	271	11
272	272	12
273	273	13
274	274	14
275	275	15
276	276	16
277	277	17
278	278	18
279	279	19
280	280	20
281	281	21
282	282	22
283	283	23
284	284	24
285	285	25
286	286	multipurpose building and a part of the land upon which it is
287	287	built."
288	288	- 6 -
289	289	.229902.1