Bills we’re watching: SB 92

One of the bills THP is watching during the 2026 Legislative Session is SB 92 (click link for the latest updates in Legiscan). This bill would reform gross receipts state tax law to significantly reduce the cost of developing affordable rental housing, leading to more units built or deeper levels of affordability. Unlike many states, New Mexico’s gross receipts tax applies to housing construction and materials.  These taxes can make it more expensive and difficult for a project to pencil.  By waiving GRT for affordable rental projects, the State would making affordable housing development more feasible.

As of February 1, 2026, SB 92 has been sent to Committee, but not scheduled yet.