- SB 118 Dyed Agricultural Diesel Fuel Tax Credit (sponsored by Sen. Greg Baca and Sen. Joshua Sanchez): Provides a GRT deduction for receipts from the sale of dyed diesel used for agricultural purposes.
- SB 171 Teacher-purchased Supplies Tax Credit (sponsored by Sen. Craig Brandt): Creates an income tax deduction for school supplies purchased by public school teachers.
- SB 117 Special Needs Adopted Child Tax Credit (sponsored by Sen. David Gallegos): Increases the special needs adopted child tax credit from $1,000 to $1,500.
- SB 125 Armed Forces Rertirement Pay Tax Sunset (sponsored by Sen. William Burt): Removes the sunset date on the armed forces retirement pay income tax exemption currently in effect through tax year 2026.
Senate Republicans propose tax relief bills for teachers, farmers, veterans, adoptive parents
Senate Republicans have proposed a suite of proposals to offer tax breaks for teachers, farmers, military veterans and adoptive parents during the 2024 legislative session.
The bills received affirmative support from the Senate Tax, Business and Transportation Committee this week and will now be considered for inclusion in an omnibus tax package. All four proposals were included in the tax package last year but were vetoed by Gov. Michelle Lujan Grisham.
The bills are:
Brandt (R-Rio Rancho) is Senate Republican whip and was a chief negotiator of the tax package last year.
“These bills represent a years-long effort to bring some reasonable, commonsense tax relief to New Mexico families,” Brandt said. “We hope to see these changes codified in law this year, and I urge the governor to support them.”