New Mexico Passes Bill to Encourage Rural Oncologist to Conduct Cancer Research

Due to the commitment and dedication of Senator Timothy Jennings who sponsored Senate Bill 282, the “Tax Liability Credit for Certain Physicians” passed legislation in the New Mexico 2011 Regular Session.  Senate Bill 282 provides a credit against personal income tax liabilities for physicians offering cancer treatment clinical trials in rural New Mexico.

The purpose of the cancer clinical trial tax credit is to encourage physicians in New Mexico to participate as clinical trial investigators by performing cancer clinical trials of new cancer treatments in New Mexico and making cancer clinical trials more readily available to cancer patients.  The tax credit will assist physicians in rural New Mexico to help establish the infrastructure in their office to participate as clinical trial investigators.  The tax credit will be allowed for three years, beginning January 1, 2012, and ending on December 31, 2014.  It is hoped that during this 3 year period the infrastructure can be established and a sustainable clinical trials program can be established by the fourth year.  An oncologist who is a physician licensed pursuant to the Medical Practice Act and whose practice is located in rural New Mexico may claim, and the department may allow, a tax credit of $1,000 for each patient participating in a cancer clinical trial under the taxpayer’s supervision for a maximum credit allowed for all cancer clinical trials conducted by that taxpayer during the taxable year of $4,000.   Physicians who believe they are eligible for this tax credit should contact their tax consultant. 

Senate Bill 282 is a significant accomplishment that will allow rural New Mexicans access to the same cancer treatments statewide.