MILD
HB 108
RURAL INFRASTRUCTURE TAX CREDIT
- Legislative URL:
- HB 108 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- HWMC
- Action:
- HPREF [1] not prntd-HRC [5] w/drn-prntd-ref- HBEC/HWMC-HBEC [9] DP-HWMC API.
- Issue(s):
- General Interest
Related Legislators
- Bill Sponsor:
- James Strickler
Related Documents
- Downloads:
-
Introduced
HBEC Committee Report
Fiscal Impact Report
Related Events
- Upcoming:
- HOUSE WAYS AND MEANS COMMITTEE 8:30 am
Summary
This bill, for the Economic and Rural Development Committee and the Jobs Council, creates the Rural Infrastructure Tax Credit, available prior to January 1, 2022 to a taxpayer who invests at least $1,000,000 in a commercial enterprise project that meets certain criteria including, among others, that: it is not located within 10 miles of a municipality with a population of 55,000 or more; its purpose is to manufacture goods, extract natural resources or process raw materials for sale; and it includes the construction of at least one building.
The Rural Infrastructure Tax Credit is limited to 30 percent of the cost of each qualified investment, with a maximum credit of $1,000,000 for each of as many as three qualified investments in a taxable year. The total amount of Rural Infrastructure Tax Credits may not exceed $10,000,000 in any calendar year.
A possible benefit of this bill might be stimulation of economic development and job creation in rural communities. A potential concern might be that it may encourage the extraction of natural resources.