Committee clears technical fix to high-wage job tax credit (HB368) with no fiscal impact

Representative Everett Trujillo (presenting as an expert witness for the sponsor) described House Bill 368 as a technical clarification to the state’s high-wage job tax credit statute to ensure fair and predictable access to credits for qualifying hires.

The sponsor explained the change fixes a timing issue so that threshold jobs and high-wage jobs are measured consistently; the correction was presented as a technical fix with no change in tax policy or fiscal cost. Committee staff and the sponsor said the updated language resolves a prior change that had unintentionally narrowed eligibility when the statute moved from a rolling 12-month test to a calendar-year test.

Public testimony was minimal and supportive. Jason Espinosa of New Mexico Idea, the statewide economic development association, testified in favor and described the measure as a routine clarification. Committee members had no substantive questions and the committee voted to give HB368 a due pass recommendation.

Ending: Committee members noted the bill carries no fiscal impact and is intended to restore prior implementation practice rather than expand benefits.