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Lawmakers hear business pitch for quantum incentives; bills held for possible tax package
Summary
Sponsors presented twin bills offering tax credits and gross-receipts incentives aimed at attracting quantum-technology firms. Committee held the measures for inclusion in a potential tax package and heard industry, university and lab witnesses on the economic opportunity.
Senate Bills 211 and 212, companion measures proposing capital-investment tax credits and gross-receipts tax credits to attract quantum-technology firms, were presented to the Tax, Business and Transportation Committee and held for possible inclusion in a tax-package later in the session.
Sponsor Senator Padilla framed the bills as a targeted economic-development strategy to lock in companies and testing facilities around New Mexico’s national laboratories and research universities. “This is a chance for New Mexico to build a 100 more companies like Mabel and ensure that this time, the economic benefits of this technology revolution stay in this state,” said Corbin Tillamendick, a quantum startup CEO who testified in support.
Nut graf: The package would provide refundable and/or carry-forward tax credits tied to facility construction and qualified quantum testing receipts, with per-facility caps (e.g., $50 million) and an aggregate cap rising if New Mexico wins a National Science Foundation Regional Innovation Engines award. Backers argued incentives are necessary to compete with other states that have already committed large public funds.
Witnesses included university officials, national-lab representatives and private-sector founders. Rob Black, the governor’s designated secretary for economic development, told the committee large out-of-state packages already exist: “The governor of Maryland has committed a billion dollars to ground quantum in Maryland. The governor of Illinois has committed $500,000,000,” he said, arguing New Mexico needs competitive incentives.
UNM and Sandia and Los Alamos representatives framed the bills as enabling public-private partnerships and helping New Mexico match potential federal awards. Backers emphasized workforce spillovers — technicians, machinists and engineers — and said the programs would include clawback-style accountability and certification steps before credits are paid.
The committee did not vote but added the bills to a list of measures to be considered for a tax package. Sponsors and witnesses emphasized urgency: they characterized the current moment as a national competition for quantum, and said state incentives would help secure private and federal investments, retain graduates and anchor manufacturing and testing capacity.
Ending: SB211 and SB212 were held for further consideration; sponsors expect amendments and fiscal analysis as the bills move through the tax-package negotiations.
