New Mexico 2025 Regular Session

New Mexico Senate Bill SB212 Compare Versions

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

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28	28	SENATE BILL 212
29	29	57
30	30	TH LEGISLATURE
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33	33	STATE
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35	35	OF
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39	39	MEXICO
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42	42	FIRST SESSION
43	43	,
44	44
45	45	2025
46	46	INTRODUCED BY
47	47	Michael Padilla and William P. Soules
48	48	AN ACT
49	49	RELATING TO TAXATION; CREATING THE QUANTUM TESTING AND
50	50	EVALUATION GROSS RECEIPTS TAX CREDIT.
51	51	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
52	52	SECTION 1. A new section of the Gross Receipts and
53	53	Compensating Tax Act is enacted to read:
54	54	"[NEW MATERIAL] QUANTUM TESTING AND EVALUATION GROSS
55	55	RECEIPTS TAX CREDIT.--
56	56	A. Prior to July 1, 2035, a taxpayer that is a
57	57	national laboratory that, pursuant to a memorandum of agreement
58	58	with a federal quantum agency, receives federal funds to
59	59	provide quantum testing and evaluation services may claim a tax
60	60	credit against the taxpayer's gross receipts tax liability
61	61	imposed pursuant to the Gross Receipts and Compensating Tax
62	62	Act, excluding any local option gross receipts tax liability.
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90	90	The tax credit provided by this section may be referred to as
91	91	the "quantum testing and evaluation gross receipts tax credit".
92	92	B. The purpose of the credit is to provide a match
93	93	for federal funds related to quantum testing and evaluation
94	94	services, to encourage recruitment of quantum businesses in New
95	95	Mexico and to increase economic development in New Mexico.
96	96	C. The amount of a credit shall equal the amount
97	97	that the taxpayer receives in federal matching funds for
98	98	quantum testing and evaluation or the fabrication of quantum
99	99	devices; provided that the total annual aggregate amount of
100	100	credits that may be claimed in a calendar year shall not exceed
101	101	fifteen million dollars ($15,000,000).
102	102	D. A taxpayer shall apply for certification of
103	103	eligibility for the tax credit from the economic development
104	104	department on forms and in the manner prescribed by that
105	105	department. The total aggregate amount of tax credits that may
106	106	be certified shall not exceed sixty million dollars
107	107	($60,000,000). If the economic development department
108	108	determines that the taxpayer meets the requirements of this
109	109	section, that department shall issue a dated certificate of
110	110	eligibility to the taxpayer providing the amount of tax credit
111	111	for which the taxpayer is eligible and the taxable periods in
112	112	which the credit may be claimed. The economic development
113	113	department shall provide the department with the certificates
114	114	of eligibility issued pursuant to this subsection in an
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143	143	electronic format at regularly agreed upon intervals.
144	144	E. A taxpayer allowed to claim a credit pursuant to
145	145	this section shall claim the tax credit on forms and in a
146	146	manner required by the department. The credit shall be claimed
147	147	within one year of the end of the year in which the taxpayer
148	148	receives federal matching funds for quantum testing and
149	149	evaluation or the fabrication of quantum devices.
150	150	F. A taxpayer may claim the credit for the taxable
151	151	period in which the memorandum of agreement is in effect. That
152	152	portion of credit that exceeds a taxpayer's tax liability in
153	153	the taxable period in which the credit is claimed may be
154	154	carried forward for sixty consecutive taxable periods.
155	155	G. If more than one national laboratory incurs
156	156	qualified expenditures in a taxable period, the national
157	157	laboratories shall not claim the credit until coordination is
158	158	developed between the national laboratories that generates a
159	159	joint operational plan to ensure that the combined claims for a
160	160	credit will not exceed the limitations provided in Subsection C
161	161	of this section.
162	162	H. A national laboratory that claims the credit
163	163	shall submit an annual report in writing to the department, the
164	164	economic development department and an appropriate legislative
165	165	interim committee. If more than one national laboratory claims
166	166	the credit, those laboratories shall jointly submit an annual
167	167	report.
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196	196	I. As used in this section:
197	197	(1) "federal quantum agency" means the federal
198	198	agency responsible for administering the federal government's
199	199	quantum benchmarking initiative;
200	200	(2) "national laboratory" means a prime
201	201	contractor designated as a national laboratory by act of
202	202	congress that is operating a facility in New Mexico; and
203	203	(3) "quantum testing and evaluation" means the
204	204	federal quantum agency's quantum benchmarking initiative that
205	205	aims to determine if it is possible to build an industrially
206	206	useful quantum computer much faster than conventional
207	207	predictions and is designed to verify and validate whether a
208	208	quantum computing approach can achieve utility-scale operation,
209	209	meaning its computational value exceeds its cost, by the year
210	210	2033."
211	211	SECTION 2. DELAYED REPEAL.--Section 1 of this act is
212	212	repealed effective July 1, 2035.
213	213	SECTION 3. APPLICABILITY.--The provisions of this act
214	214	apply to taxable periods beginning on or after July 1, 2025.
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