Committee approves 10‑year extension of high‑wage jobs tax credit
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
The committee voted unanimously (10–0) to give HB145 a due pass; the bill moves the High Wage Jobs Tax Credit expiration from 2026 to 2036 without changing eligibility guardrails, aiming to preserve competitiveness for long‑range employer planning.
The House Commerce Committee unanimously approved House Bill 145, a bill that extends the High Wage Jobs Tax Credit by 10 years to 2036, preserving existing eligibility requirements and guardrails.
Representative Hernandez, sponsor of HB145, told the committee the extension "gives New Mexico that stability" employers need to plan multi‑year investments. The sponsor emphasized the bill does not loosen rules: jobs must be new, pay specified wage thresholds, and be held by New Mexico residents.
Deputy Secretary Isaac Romero from the Economic Development Department stood for questions and support. Business and economic development groups—Greater Albuquerque Chamber, New Mexico Chamber of Commerce, New Mexico IDEA and CPA firms—as well as PNM and the governor's economic development adviser testified in favor. JD Bullington of the Greater Albuquerque Chamber said the extension provides long‑term certainty that helps land major projects; Alex Greenberg, the governor's policy adviser, framed the credit as part of a strategy to retain graduates, diversify the economy and avoid recessionary risks.
Committee members offered no recorded opposition; the committee moved and seconded a due‑pass motion and the clerk recorded 10 yes, 0 no. The chair announced the bill received a due pass and it will proceed to the next stage of House consideration.