As the clock struck 12 pm, the 55th Legislative Session ended.
This was a very productive session; NMAR monitored over 100 of the 641 bills introduced. Money was key in this legislative session and how it was allocated was closely watched and fought for. We saw the passage of the $8.5 billion state budget, a capital outlay package worth $827.7 million, and a pay increase for teachers. Thirty-day sessions are primarily budget based other than what germane language has been identified by the Governor.
HB68 Criminal Code Changes, this was a smorgasbord of multiple crime bills and included language that NMAR was supporting to deter copper theft. It creates “the crime of criminal damage to property by theft or attempted theft of regulated material,” to include copper and other materials used in construction. Copper theft has been one of NMAR’s priorities and we are satisfied to see this legislation pass both houses.
HB163 Tax Changes also passed both houses. This bill provides a one-year (nonrecurring) personal income tax rebate for certain taxpayers, provides a “temporary” phased exemption for military retirement pension payments, exempting social security income from income tax for certain individuals, extends and amends the new solar market development income tax credits, extending the sunset on the new solar market development income tax to December 31, 2035, reduces the rates of gross receipts tax and the compensating tax from 5.125 percent to 4.875 percent with the restoration back to 5.125 if in the next five years, the general fund transfer of revenues in any year is less than 95 percent of the amount transferred in the previous fiscal year.
HB158 Real Estate Transfer Taxes & Social Security was a priority in getting defeated. This bill looked like it was going to build traction but ultimately, never got out of the House Consumer & Public Affairs Committee.
HB65 Housing Modernization Changes was another bill NMAR opposed. It placed more liability on landlords and could harm the mom-and-pop landlords in the state. With hard work, we know our voice was heard and this bill stalled in the Senate Judiciary Committee in the last days of the session.
HB71 Limit Property Tax Valuation Increase was tabled in Senate Tax, Business and Transportation. This would have provided a cap of ten percent on increases in valuation of second homes and short-term rentals.
NMAR would like to thank the Legislative Committee, the State Political Coordinators (SPC’s), Steven Anaya, Ambyrly Maestas, Tasha Martinez, lobbyists Brent Moore and Randi Valverde, and everyone that answered our Calls to Action.