New Mexico 2025 Regular Session

New Mexico House Bill HB202 Compare Versions

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

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28	28	HOUSE BILL 202
29	29	57
30	30	TH LEGISLATURE
31	31	-
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33	33	STATE
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35	35	OF
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37	37	NEW
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39	39	MEXICO
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41	41	-
42	42	FIRST SESSION
43	43	,
44	44
45	45	2025
46	46	INTRODUCED BY
47	47	Joshua N. Hernandez and Andrea Reeb and Mark B. Murphy
48	48	and Alan T. Martinez and Meredith A. Dixon
49	49	AN ACT
50	50	RELATING TO TAXATION; CREATING THE GUN STORAGE INCOME TAX
51	51	CREDIT.
52	52	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
53	53	SECTION 1. A new section of the Income Tax Act is enacted
54	54	to read:
55	55	"[NEW MATERIAL] GUN STORAGE INCOME TAX CREDIT.--
56	56	A. For taxable years prior to January 1, 2028, a
57	57	taxpayer who is not a dependent of another individual and who,
58	58	on or after July 1, 2025, purchases a secure gun storage may
59	59	apply for, and the department may allow, a one-time credit
60	60	against the taxpayer's tax liability imposed pursuant to the
61	61	Income Tax Act in an amount equal to the price paid for a
62	62	secure gun storage, not to exceed seven hundred fifty dollars
63	63	($750). The department shall allow a credit only for a secure
64	64	.229016.2 underscored material = new
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91	91	gun storage certified pursuant to Subsection B of this section.
92	92	The tax credit provided by this section may be referred to as
93	93	the "gun storage income tax credit".
94	94	B. A taxpayer shall apply for certification of
95	95	eligibility for a gun storage income tax credit from the
96	96	department of public safety on forms and in the manner
97	97	prescribed by that department. The aggregate amount of credits
98	98	that may be certified as eligible in any calendar year is one
99	99	million dollars ($1,000,000). Completed applications shall be
100	100	considered in the order received. Applications for
101	101	certification received after this limitation has been met in a
102	102	calendar year shall not be approved. The application shall
103	103	include proof of purchase and that the secure gun storage meets
104	104	technical specifications and requirements relating to safety
105	105	and standards compliance. A dated certificate of eligibility
106	106	shall be issued to the taxpayer providing the amount of credit
107	107	for which the taxpayer is eligible and the taxable year in
108	108	which the credit may be claimed.
109	109	C. A taxpayer may claim a credit provided by this
110	110	section for the taxable year in which the taxpayer purchases a
111	111	secure gun storage. To receive the credit, the taxpayer shall
112	112	apply to the department on forms and in the manner prescribed
113	113	by the department within twelve months following the calendar
114	114	year in which the secure gun storage was purchased. The
115	115	application shall include a certification made pursuant to
116	116	.229016.2
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144	144	Subsection B of this section.
145	145	D. That portion of a gun storage income tax credit
146	146	that exceeds a taxpayer's tax liability in the taxable year in
147	147	which the credit is claimed shall be refunded to the taxpayer.
148	148	E. Married individuals filing separate returns for
149	149	a taxable year for which they could have filed a joint return
150	150	may each claim only one-half of the gun storage income tax
151	151	credit that would have been claimed on a joint return.
152	152	F. A taxpayer may be allocated the right to claim a
153	153	gun storage income tax credit in proportion to the taxpayer's
154	154	ownership interest if the taxpayer owns an interest in a
155	155	business entity that is taxed for federal income tax purposes
156	156	as a partnership or limited liability company and that business
157	157	entity has met all of the requirements to be eligible for the
158	158	credit. The total credit claimed by all members of the
159	159	partnership or limited liability company shall not exceed the
160	160	allowable credit pursuant to this section.
161	161	G. A taxpayer allowed a gun storage income tax
162	162	credit pursuant to this section shall report the amount of the
163	163	credit to the department in a manner required by the
164	164	department.
165	165	H. The credit provided by this section shall be
166	166	included in the tax expenditure budget pursuant to Section
167	167	7-1-84 NMSA 1978, including the total annual aggregate cost of
168	168	the credit.
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197	197	I. As used in this section:
198	198	(1) "firearm" means a weapon that will or is
199	199	designed to or may readily be converted to expel a projectile
200	200	by the action of an explosive; and
201	201	(2) "secure gun storage" means a new safe, gun
202	202	safe, gun case, lock box or other device that is designed to be
203	203	or can be used to store a firearm and that is designed to be
204	204	unlocked only by means of a key, a combination or other similar
205	205	means."
206	206	SECTION 2. APPLICABILITY.--The provisions of this act
207	207	apply to taxable years beginning on or after January 1, 2025.
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209	209	.229016.2