New Mexico 2025 Regular Session

New Mexico Senate Bill SB298 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 298
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 Pat Woods and Jay C. Block
48	48	and David M. Gallegos
49	49	AN ACT
50	50	RELATING TO TAXATION; EXEMPTING HEALTH CARE PRACTITIONERS FROM
51	51	INCOME TAX FOR TEN YEARS.
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] EXEMPTION--HEALTH CARE PRACTITIONERS.--
56	56	A. For taxable years ending prior to January 1,
57	57	2035, a resident who is a health care practitioner and
58	58	practices full-time in New Mexico is exempt from income tax on
59	59	income derived from providing health care in New Mexico within
60	60	the scope of the health care practitioner's practice.
61	61	B. The credit provided by this section shall be
62	62	included in the tax expenditure budget pursuant to Section
63	63	7-1-84 NMSA 1978, including the annual aggregate cost of the
64	64	.230294.1 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	credit.
92	92	C. As used in this section, "health care
93	93	practitioner" means:
94	94	(1) a chiropractic physician licensed pursuant
95	95	to the provisions of the Chiropractic Physician Practice Act;
96	96	(2) a dentist or dental hygienist licensed
97	97	pursuant to the Dental Health Care Act;
98	98	(3) a doctor of oriental medicine licensed
99	99	pursuant to the provisions of the Acupuncture and Oriental
100	100	Medicine Practice Act;
101	101	(4) an optometrist licensed pursuant to the
102	102	provisions of the Optometry Act;
103	103	(5) an osteopathic physician licensed pursuant
104	104	to the provisions of the Medical Practice Act;
105	105	(6) a physical therapist licensed pursuant to
106	106	the provisions of the Physical Therapy Act;
107	107	(7) a physician or physician assistant
108	108	licensed pursuant to the provisions of the Medical Practice
109	109	Act;
110	110	(8) a podiatric physician licensed pursuant to
111	111	the provisions of the Podiatry Act; and
112	112	(9) a psychologist licensed pursuant to the
113	113	provisions of the Professional Psychologist Act."
114	114	SECTION 2. APPLICABILITY.--The provisions of this act
115	115	apply to taxable years beginning on or after January 1, 2025.
116	116	.230294.1
117	117	- 2 -