HB 14 is now “the tax bill.” It is also a mess

We have previously written about HB 14 “A Mediocre Bill Goes Bad” which discussed the “earned income tax credit” bill having a tax hike on oil and gas piled onto it. That was BEFORE the bill passed the House. We also have discussed the seeming “death” of taxes on alcohol taxes and the lack of a “tax bill” for the 2025 session.

Now, HB 14 has become the legislative vehicle for the “tax bill” and in addition to the tax credit and oil/gas tax hike the bill has become a smorgasbord of policies and handouts for specific industries and areas of the state. You can find the entire list here with the exception of two components of HB 14. The bill remains rated -6 in RGF’s Freedom Index because it is absurd to raise ANY taxes at a time of multi-billion dollar surpluses (thanks largely to oil and gas revenues).

Oil tax increase;

A refundable (meaning you can get a check even if you pay no taxes) tax credit for low income people;

Tax hike on alcoholic beverages;

A volunteer emergency medical services, firefighter, and search and rescue income tax credit (fine);

Local journalist employment income tax credit/corporate income tax credit and printer income/corporate tax credits;

Foster parent/guardian tax credit;

Quantum facility income/corporate tax credit;

Extends for two years (from 2028 to 2030) a tax credit on health care providers;

Creates UNM School of Medicine fund and allocates gross receipts tax revenue to it.