HB27 — The chair says this is the only bill being heard today.
HB27 — Public comment is invited in support of the committee substitute.
HB27 — The chair asks whether there is any opposition to the committee substitute for House Bill 27 and then moves to questions.
HB27 — The speaker references the language on page 7 of the committee substitute while answering the transferability question.
HB55 — The sponsors asked to roll HB 55 to a later meeting.
Andrea Romero — A guest of Representative Parajón is in the audience.
Andrea Romero — Mentioned in connection with having a guest in the audience.
Andrea Romero — Called present in roll call.
Daniel Hussein — Daniel Hussein is introduced as a guest shadowing the speaker. He is identified as a finance student and chair of the Finance Committee of ASUNM.
Meredith Dixon — Called to begin presentation.
Meredith Dixon — Meredith Dixon is thanked for championing the effort behind the bill.
Meredith Dixon — Representative Meredith Dixon raised a series of related concerns about the bill’s tax credit transfer provisions. She questioned how companies would accumulate enough credits to approach the $50 million transfer cap, how that cap would be allocated among multiple companies, who would be allowed to receive transferred credits, and whether transferees would need to be R&D companies. She also expressed concern that credits could be sold to businesses outside the R&D sector, such as a car dealership, and said she was troubled by the overall structure of the bill and the idea that private companies could determine where the tax credit benefits go.
Meredith Dixon — Addressed as the committee member being thanked for bringing the bill.
Meredith Dixon — Thanked for bringing the bill and addressed as the next speaker begins questions.
Meredith Dixon — Referenced as the sponsor of the bill being discussed.
Meredith Dixon — Addressed directly with a request to explain the timing of the credit.
Joseph Hernandez — Representative Hernandez was called to begin the presentation and then acknowledged as present during roll call.
HB60 — Mentioned in error, then corrected by the chair as he says he is jumping the gun.
Christine Chandler — Representative Chandler was called during roll call and confirmed present.
Christine Chandler — Representative Christine Chandler is recognized and thanks the chair and sponsor before asking questions about the bill, specifically seeking clarification on the transferability component and its cap/threshold. She is then directly addressed as the discussion continues on that same issue.
Mark Duncan — Called present in roll call.
Mark Duncan — Representative Duncan asked for additional time to discuss the bill and said there were many good things in the presentation. He then raised concerns about a Senate bill that could affect jobs and asked whether it might undermine the bill under discussion, questioning whether the state was getting ahead of itself. He concluded by saying he supports the bill and thinks it is a great bill, but expressed hope that the committee is right and noted lingering concerns about projected job growth and the size of available tax credits.
Mark Duncan — Addressed as ranking member Duncan.
Mark Duncan — Referenced as having asked a similar confirming question about the proposal.
Mark Duncan — Cited as having raised the same confirmation question earlier.
Mark Duncan — Likely a mis-transcription of a member name; the speaker is being recognized to ask questions.
Doreen Gallegos — Called during roll call.
Doreen Gallegos — Representative Doreen Gallegos is introduced and then discusses the bill’s broader economic effects, emphasizing that its benefits extend beyond the direct recipient companies through wider economic ripple effects. She follows up by asking how the proposal would boost the overall New Mexico economy.
Jonathan Henry — Called present in roll call.
Patricia Lundstrom — Called present in roll call.
Patricia Lundstrom — Representative Patricia Lundstrom asked a series of related questions about the bill’s tax credit structure, specifically how it is tied to advanced manufacturing commercialization on local government or tribal industrial parks, how data centers and co-located behind-the-fence activities are treated, whether related R&D or solar activity creates any multiplier effect, and whether a data center could purchase the transferable credit despite having tax liability.
Patricia Lundstrom — Asked whether the transfers are constitutional.
Javier Martínez — Called during roll call.
Rod Montoya — Representative Montoya was called during roll call and responded 'Here,' indicating presence.
Rod Montoya — Said he did not see the proposal as good tax policy.
David Gallegos — Likely a mis-transcription of a member name during roll call; marked questionable.
Luis Terrazas — Called present in roll call.
Micaela Cadena — Called present in roll call.
Micaela Cadena — Representative Micaela Cadena repeatedly questioned whether the bill truly promotes commercialization or simply expands tax-credit and IRB stacking. She referenced the film tax credit as a comparison, asked what guarantees or incentives would actually entice companies to commercialize in New Mexico, and probed whether taxpayers could still use the credit without an IRB. She also asked whether the committee had considered directly expanding the credit to include commercialization and whether similar approaches are used in other states.
Micaela Cadena — Identified as the member making the motion to table the committee substitute for House Bill 27.
Derrick Lente — Called present in roll call.
HB27 — House Bill 27 is introduced as a committee substitute that expands access to the R&D tax credit, including for operations in facilities on property using industrial revenue bonds, while excluding certain entities like data centers and national laboratories. Witnesses testify in support, describing the bill as a market-driven modernization that helps New Mexico stay competitive, supports economic growth, and benefits startups and other industries. The discussion then turns to the bill’s mechanics: making the credit stackable with IRBs, allowing transferability, and providing a seven-year carry-forward option for companies that cannot immediately use the credit. Members ask questions about how carry-forward differs from selling the credit, why the transferability period is shorter, how the caps work, and how the bill is intended to incentivize investment and economic activity. The discussion also clarifies eligibility and the intent that certain R&D activity within exempt facilities would not qualify under the bill as written, and it ends with a question about the $50 million transferability limit.
HB27 — The committee substitute for HB 27 was moved to be tabled and the motion passed without opposition.
Secretary Roth Black — Identified as the expert witness from the Economic Development Department who will speak to the tax credit's advantages.
Mr. Secretary — Addressed as the next speaker in the presentation sequence.
Allison Riley — Allison Riley, representing the New Mexico Chamber of Commerce, introduces herself and testifies in strong support of House Bill 27, concluding with a brief closing acknowledgment from the chair.
Justin Schreier — Justin Schreier introduces himself and testifies on behalf of NM-I-I-D-A-M-C-A of New Mexico in support of House Bill 27.
Jason Weeks — Testified on behalf of the New Mexico Tax Credit Alliance in support of House Bill 27.
Matt Paul — Testified for Pacific Fusion in support of House Bill 27.
Sayuri Yamada — Testified on behalf of the Clean Air Task Force in support of fusion-related development.