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SENATE BILL 298
57
TH LEGISLATURE
-
STATE
OF
NEW
MEXICO
-
FIRST SESSION
,
2025
INTRODUCED BY
Nicole Tobiassen and Pat Woods and Jay C. Block
and David M. Gallegos
AN ACT
RELATING TO TAXATION; EXEMPTING HEALTH CARE PRACTITIONERS FROM
INCOME TAX FOR TEN YEARS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Income Tax Act is enacted
to read:
"[NEW MATERIAL] EXEMPTION--HEALTH CARE PRACTITIONERS.--
A. For taxable years ending prior to January 1,
2035, a resident who is a health care practitioner and
practices full-time in New Mexico is exempt from income tax on
income derived from providing health care in New Mexico within
the scope of the health care practitioner's practice.
B. The credit provided by this section shall be
included in the tax expenditure budget pursuant to Section
7-1-84 NMSA 1978, including the annual aggregate cost of the
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credit.
C. As used in this section, "health care
practitioner" means:
(1) a chiropractic physician licensed pursuant
to the provisions of the Chiropractic Physician Practice Act;
(2) a dentist or dental hygienist licensed
pursuant to the Dental Health Care Act;
(3) a doctor of oriental medicine licensed
pursuant to the provisions of the Acupuncture and Oriental
Medicine Practice Act;
(4) an optometrist licensed pursuant to the
provisions of the Optometry Act;
(5) an osteopathic physician licensed pursuant
to the provisions of the Medical Practice Act;
(6) a physical therapist licensed pursuant to
the provisions of the Physical Therapy Act;
(7) a physician or physician assistant
licensed pursuant to the provisions of the Medical Practice
Act;
(8) a podiatric physician licensed pursuant to
the provisions of the Podiatry Act; and
(9) a psychologist licensed pursuant to the
provisions of the Professional Psychologist Act."
SECTION 2. APPLICABILITY.--The provisions of this act
apply to taxable years beginning on or after January 1, 2025.
.230294.1
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