New Mexico 2025 Regular Session

New Mexico Senate Bill SB296 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	SENATE BILL 296
29	29	57
30	30	TH LEGISLATURE
31	31	-
32	32
33	33	STATE
34	34
35	35	OF
36	36
37	37	NEW
38	38
39	39	MEXICO
40	40
41	41	-
42	42	FIRST SESSION
43	43	,
44	44
45	45	2025
46	46	INTRODUCED BY
47	47	Nicole Tobiassen and Carrie Hamblen and Pat Woods
48	48	and Jay C. Block and Natalie Figueroa
49	49	AN ACT
50	50	RELATING TO TAXATION; CREATING THE PHYSICIAN INCOME 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 Income Tax Act is enacted
53	53	to read:
54	54	"[NEW MATERIAL] CREDIT--PHYSICIAN INCOME TAX CREDIT.--
55	55	A. A taxpayer who is a physician and has completed
56	56	a medical residency may claim a credit against the taxpayer's
57	57	tax liability imposed pursuant to the Income Tax Act for up to
58	58	five consecutive taxable years in which the taxpayer practices
59	59	medicine full-time in New Mexico and has an outstanding balance
60	60	of a student loan taken to defray the expenses of a medical
61	61	education. The credit authorized pursuant to this section may
62	62	be referred to as the "physician income tax credit".
63	63	B. The amount of the tax credit shall be in an
64	64	.230108.3 underscored material = new
65	65	[bracketed material] = delete
66	66	1
67	67	2
68	68	3
69	69	4
70	70	5
71	71	6
72	72	7
73	73	8
74	74	9
75	75	10
76	76	11
77	77	12
78	78	13
79	79	14
80	80	15
81	81	16
82	82	17
83	83	18
84	84	19
85	85	20
86	86	21
87	87	22
88	88	23
89	89	24
90	90	25
91	91	amount equal to fifty thousand dollars ($50,000) for the
92	92	taxable year the taxpayer meets the requirements of this
93	93	section.
94	94	C. A taxpayer shall apply for certification of
95	95	eligibility for the tax credit from the higher education
96	96	department on forms and in the manner prescribed by that
97	97	department. If the higher education department determines that
98	98	the taxpayer meets the requirements of this section, that
99	99	department shall issue a dated certificate of eligibility to
100	100	the taxpayer providing the amount of tax credit for which the
101	101	taxpayer is eligible and the taxable years in which the credit
102	102	may be claimed. The higher education department shall provide
103	103	the department with the certificates of eligibility issued
104	104	pursuant to this subsection in an electronic format at
105	105	regularly agreed upon intervals.
106	106	D. That portion of the tax credit that exceeds a
107	107	taxpayer's income tax liability in the taxable year in which
108	108	the credit is claimed shall be refunded to the taxpayer.
109	109	E. A taxpayer allowed to claim a tax credit
110	110	pursuant to this section shall claim the tax credit in a manner
111	111	required by the department. The credit shall be claimed within
112	112	three taxable years of the end of the year in which the higher
113	113	education department certifies the credit.
114	114	F. The credit provided by this section shall be
115	115	included in the tax expenditure budget pursuant to Section
116	116	.230108.3
117	117	- 2 - underscored material = new
118	118	[bracketed material] = delete
119	119	1
120	120	2
121	121	3
122	122	4
123	123	5
124	124	6
125	125	7
126	126	8
127	127	9
128	128	10
129	129	11
130	130	12
131	131	13
132	132	14
133	133	15
134	134	16
135	135	17
136	136	18
137	137	19
138	138	20
139	139	21
140	140	22
141	141	23
142	142	24
143	143	25
144	144	7-1-84 NMSA 1978, including the annual aggregate cost of the
145	145	credit.
146	146	G. As used in this section:
147	147	(1) "physician" means a physician licensed
148	148	pursuant to the provisions of the Medical Practice Act, an
149	149	osteopathic physician licensed pursuant to the provisions of
150	150	the Medical Practice Act or a dentist licensed pursuant to the
151	151	Dental Health Care Act; and
152	152	(2) "practices medicine full-time" means
153	153	providing health care within the scope of a physician's
154	154	practice for at least one thousand five hundred eighty-four
155	155	hours during the taxable year."
156	156	SECTION 2. APPLICABILITY.--The provisions of this act
157	157	apply to taxable years beginning on or after January 1, 2025.
158	158	- 3 -
159	159	.230108.3