Sen. Cliff Pirtle | Facebook
Sen. Cliff Pirtle | Facebook
New Mexico Senator Cliff Pirtle (R) has recently introduced Senate Bill 79, the Small Business Pandemic Reparations Act.
The bill aims to “implement the provisions of Article 2, Section 20 of the constitution of New Mexico providing just compensation from the state for private property taken or damaged for public use,” the bill read.
Pirtle is proposing that small business owners may be qualified for a tax credit under the proposed legislation if their businesses have been permanently closed because of COVID-19 public health orders.
The eligibility would be determined by the “Pandemic Reparations Division,” which would be established if the bill gets approved. The division will be within the state Department of Taxation and Revenue.
According to the bill, “the taxpayer shall file an application with the division no later than the end of the taxable year in which the closure or alleged taking occurred.”
Should the bill be approved, the fund would consist of several sources such as appropriations, gifts, and grants among others, and “the legislature may appropriate money in the fund to the department for the administration of and payment of claims for a small business pandemic reparations tax credit in accordance with the Small Business Pandemic Takings Reparations Act and any limitations on the appropriation.”
The bill requests $55 million be appropriated from the state's general fund for the fiscal year 2022, according to Alamogordo Daily News.
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