New Mexico 2025 Regular Session

New Mexico Senate Bill SB473 Compare Versions

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

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28	28	SENATE BILL 473
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	,
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45	45	2025
46	46	INTRODUCED BY
47	47	Carrie Hamblen and Leo Jaramillo
48	48	AN ACT
49	49	RELATING TO INCOME TAX; CREATING THE VOLUNTEER SEARCH AND
50	50	RESCUE 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] VOLUNTEER SEARCH AND RESCUE INCOME TAX
55	55	CREDIT.--
56	56	A. Prior to taxable year 2035, a taxpayer who is
57	57	not a dependent of another individual and volunteers in New
58	58	Mexico at least six times or for at least sixty hours in a
59	59	taxable year may claim a tax credit against the taxpayer's tax
60	60	liability for that taxable year imposed pursuant to the Income
61	61	Tax Act. The tax credit provided in this section may be
62	62	referred to as the "volunteer search and rescue income tax
63	63	.230262.3 underscored material = new
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90	90	credit".
91	91	B. The volunteer search and rescue income tax
92	92	credit shall be in an amount equal to:
93	93	(1) five hundred dollars ($500) if the
94	94	taxpayer volunteers between six and eleven times or volunteers
95	95	for a total of between sixty and one hundred twenty hours; or
96	96	(2) one thousand dollars ($1,000) if the
97	97	taxpayer volunteers twelve times or more or volunteers for a
98	98	total of at least one hundred twenty hours.
99	99	C. A taxpayer who seeks to claim the tax credit
100	100	provided by this section shall apply for certification of
101	101	eligibility from the resource officer on forms and in the
102	102	manner prescribed by the resource officer. The aggregate
103	103	amount of tax credits that may be certified pursuant to this
104	104	subsection for any taxable year is three million dollars
105	105	($3,000,000). Applications for certification received after
106	106	the limitation on the aggregate amount of credits has been met
107	107	in a calendar year shall not be approved. Completed
108	108	applications shall be considered in the order received.
109	109	D. If the resource officer determines that a
110	110	taxpayer meets the requirements to claim the tax credit, the
111	111	resource officer shall issue to the taxpayer a dated
112	112	certificate of eligibility providing the amount of the tax
113	113	credit for which the taxpayer is eligible and the taxable year
114	114	in which the credit may be claimed. The resource officer shall
115	115	.230262.3
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143	143	provide the department with the certificates of eligibility
144	144	issued pursuant to this subsection in an electronic format at
145	145	regularly agreed-upon intervals.
146	146	E. To receive the tax credit provided by this
147	147	section, a taxpayer shall claim the credit on forms and in the
148	148	manner prescribed by the department.
149	149	F. That portion of the tax credit that exceeds a
150	150	taxpayer's tax liability in the taxable year in which the tax
151	151	credit is claimed shall be refunded.
152	152	G. Married individuals filing separate returns for
153	153	a taxable year for which they could have filed a joint return
154	154	may each claim only one-half of the volunteer search and rescue
155	155	income tax credit that would have been claimed on a joint
156	156	return.
157	157	H. The department shall include the tax credit in
158	158	the tax expenditure budget compiled pursuant to Section 7-1-84
159	159	NMSA 1978.
160	160	I. As used in this section:
161	161	(1) "mission" means each separate group effort
162	162	of search and rescue that is approved and issued a mission
163	163	number by the New Mexico state police division of the
164	164	department of public safety;
165	165	(2) "resource officer" means the state search
166	166	and rescue resource officer in the department of public safety;
167	167	(3) "search and rescue" means the employment,
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196	196	coordination and utilization of available resources and
197	197	personnel in searching for, rendering aid to and preserving the
198	198	lives of people lost, stranded, entrapped, injured or in
199	199	distress and removing these people from the site of a disaster,
200	200	emergency or hazard to a place of safety; and
201	201	(4) "volunteer" means participating in a
202	202	search and rescue mission as a nonsalaried volunteer."
203	203	SECTION 2. DELAYED REPEAL.--Section 1 of this act is
204	204	repealed effective January 1, 2036.
205	205	SECTION 3. APPLICABILITY.--The provisions of this act
206	206	apply to taxable years beginning on or after January 1, 2025.
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208	208	.230262.3