Extend Technology Readiness Grt Credit

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Plain-English Summary

This bill extends the Technology Readiness Gross Receipts Tax Credit in New Mexico from July 1, 2027, to July 1, 2035. It also increases the maximum annual aggregate credit amount that national laboratories can claim, rising incrementally from $2 million in 2026 to $5 million by 2029. This credit helps national laboratories provide assistance to New Mexico businesses that license their technology or participate in research agreements, aiming to help these businesses develop their technologies and boost the state's economy.

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