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SB 92NEW MEXICOSession 2026State Billdead

Did Not Advance

New Mexico Senate Bill 92 creates gross receipts tax deduction for affordable multifamily housing construction materials and labor

Original title: CONSTRUCTION MATERIALS GROSS RECEIPTS

Last action · January 23, 2026: SCC: Reported by committee to fall within the purview of a 30 day sessionSponsors: Heather Berghmans and 4 others

Bill progressHistory & official text ↓

Introduced

Committee

Floor Vote

Passed

Law

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What This Bill Proposed

Senate Bill 92 creates a tax deduction for the sale of construction materials and labor used to develop affordable multifamily residential housing projects for low- or moderate-income households, taking effect July 1, 2026, and expiring July 1, 2033.

Why it matters

Lowers development costs for multifamily affordable housing projects by allowing tax deductions on materials and labor until 2033, impacting developers and low- to moderate-income residents.

Background

State of New Mexico legislative bills are introduced during regular or special sessions by members of the legislature. context

Who It Would Have Affected

Groups the bill's text would have affected, as described in the record. Being affected is not a position for or against it.

Directly affected

Qualifying grantees pursuant to the Affordable Housing Act

Eligible entities can deduct receipts from selling construction materials and labor used for affordable multifamily residential housing projects.

Directly affected

Low or moderate income households

Target population for the multifamily residential housing units developed under the provisions of the bill.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

Who is eligible to receive the tax deduction under Senate Bill 92?

Qualifying grantees pursuant to the Affordable Housing Act who purchase construction materials and labor for developing affordable multifamily residential housing are eligible.

What housing projects qualify as affordable housing under this bill?

Multifamily residential housing primarily for low- or moderate-income households (earning 80 percent or less of the ) consisting of buildings occupied by more than three households, including congregate and transitional housing for homeless persons.

When does the tax deduction expire?

The deduction is available prior to July 1, 2033.

What else do you want to know?

News Coverage

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Where This Stands

This bill did not become law - Died at adjournment · in Senate committee.

Procedural history

2 actions

Jan 23, 2026Senate
SCC: Reported by committee to fall within the purview of a 30 day session
Jan 22, 2026SenateCommittee
Sent to SCC - Referrals: SCC/STBTC/SFC

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

View official text →

Lobbying Activity

No state lobbying filings in our records match this bill. Federal lobbying reports (LDA) cover Congress, so they are not listed on state bills.

Full breakdown

Who this bill affects and the strongest case for and against it, written only from the bill’s own text.

Discoveries

1 pattern noticed across the record

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift95% confidence

Targeted Tax Deduction for Affordable Housing

The bill introduces a specific tax deduction mechanism targeted specifically at multifamily housing projects serving households at or below 80 percent of the area median income.

Affordable Housing Act Gross Receipts and Compensating Tax Act

Connected Entities

Affordable Housing Act, State of New Mexico, Section 7-1-84 NMSA 1978 and 2 more

otherAffordable Housing Act“Act pursuant to which qualifying grantees must operate to receive the tax deduct”Map →

locationState of New Mexico“Jurisdiction enacting the legislation.”Map →

otherSection 7-1-84 NMSA 1978“Statute governing the tax expenditure budget where the deduction must be include”Map →

otherGross Receipts and Compensating Tax Act“Act amended by adding a new section for the tax deduction.”Map →

OrganizationUnited States department of housing and urban development“Agency that determines area median income adjusted for family size.”Map →

Sources

Open source document

www.nmlegis.gov

Analysis Score

0–100

Significance20
Lowered because this bill did not pass (its text scored 60)
Controversy25
Intensity of disagreement among stakeholders
Entertainment5
Compellingness for a non-policy-wonk reader
Buzz35
Current news / social attention level

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