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House committee advances bill to expand land-conservation tax credit and add refundable option
Summary
The House Commerce Committee voted 6–3 to give HB186 a do-pass recommendation. Sponsors said the bill raises project caps to $2 million, boosts the credit percentage and makes credits refundable to help 'land-rich, cash-poor' owners; members pressed fiscal and equity concerns.
Representative Susan Herrera opened the hearing on House Bill 186 by saying the measure updates New Mexico’s Land Conservation Incentive Act to encourage private landowners to protect habitat, open space and cultural resources.
"The purpose of this bill is really to encourage private landowners to be stewards of lands that are important to the habitat areas or contain significant natural open space or historic resources," Herrera said. Sponsor testimony said the bill increases the percent of easement value qualifying for credit, raises the project cap from $250,000 to $2,000,000 and adds a refundability option so landowners can receive full value instead of selling credits to brokers.
Jonathan Hayden, executive director of the New Mexico Land…
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