SENATE BILL 230
54th legislature - STATE OF NEW MEXICO - second session, 2020
RELATING TO GAMING; CREATING THE CAPITAL IMPROVEMENTS GAMING TAX CREDIT FOR CERTAIN GAMING OPERATOR LICENSEES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Gaming Control Act is enacted to read:
"[NEW MATERIAL] CAPITAL IMPROVEMENTS GAMING TAX CREDIT.--
A. From July 1, 2020 through June 30, 2025, a taxpayer that is a racetrack gaming operator licensee pursuant to Section 60-2E-27 NMSA 1978 may claim, and the taxation and revenue department shall allow, a tax credit in an amount that does not exceed the taxpayer's monthly gaming tax liability pursuant to Section 60-2E-47 NMSA 1978, not to exceed a maximum credit of one million five hundred thousand dollars ($1,500,000) per fiscal year, if the taxpayer:
(1) had during the taxable period expenditures for capital improvements or for long-term financing of capital improvements at its existing racetrack facility equal to or greater than the tax credit claimed; and
(2) had in the immediately prior calendar year a combined net take of under twenty-five million dollars ($25,000,000).
B. The tax credit that may be claimed pursuant to this section may be referred to as the "capital improvements gaming tax credit".
C. A taxpayer shall not claim the capital improvements gaming tax credit if the taxpayer has used the expenditures for capital improvements or for long-term financing of capital improvements for another tax credit or deduction from a tax.
D. The capital improvements gaming tax credit shall be administered by the taxation and revenue department pursuant to the Tax Administration Act.
E. The capital improvements gaming tax credit may be claimed on a monthly basis against the gaming tax remitted to the state on a form provided by the taxation and revenue department."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2020.
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