The 57th Legislature of New Mexico commenced its first session on January 21, lasting for 60 days. Governor Michelle Lujan Grisham delivered her seventh State of the State address, focusing on economic growth, education investments, and public safety commitments. She highlighted the state's financial health due to record oil and gas revenues, enabling increased funding for universal childcare and tribal education.
Governor Grisham also addressed housing issues, proposing regulatory reforms to streamline home construction and announcing $50 million in subsidies to make homeownership more affordable. On economic development, she noted the creation of 134,000 jobs over four and a half years and emphasized the state's leadership in advanced manufacturing and renewable energy.
During the session, a total of 1,328 pieces of legislation were introduced. Of these, 194 bills passed both chambers and were sent to the Governor for action. The NMAR Legislative Committee tracked a record-breaking 94 pieces of legislation related to real estate policies.
Significant legislative actions included passing twelve supported bills such as HB 47 on veteran property tax exemptions and SB 169 on strategic economic development site readiness. A notable bill opposed by NMAR also passed.
The General Appropriations Act of 2025 set a state budget of $10.8 billion with key allocations for education, healthcare, infrastructure, public safety, social services, housing initiatives, and homelessness programs.
A $113 million tax package was passed after negotiations between chambers. It expands the Earned Income Tax Credit but excludes proposed oil taxes.
The legislative session adjourned sine die on March 22. Governor Grisham has until April 11 to sign or veto bills that passed both chambers. She expressed frustration over unmet public safety legislation goals and suggested a special session might be called later in the year if necessary.
Questions regarding this session can be directed to NMAR’s Government Affairs Director David Saavedra at DavidS@NMRealtor.com or (505) 467-6303.
