us-nm/stat
NMSA 1978, § 7-2F-4 — Reporting; accountability
A.
The economic development department shall:
(1) collect data to be used in an econometric tool that objectively assesses
the effectiveness of the credits provided by the Film Production Tax Credit Act;
(2) track the direct expenditures for the credits;
(3) with the support and assistance of the legislative finance committee staff
and the taxation and revenue department, review and assess the analysis developed in
Paragraph (1) of this subsection and create a report for presentation to the revenue
stabilization and tax policy committee and the legislative finance committee that
provides an objective assessment of the effectiveness of the credits; and
(4) report annually to the revenue stabilization and tax policy committee and
the legislative finance committee on aggregate approved tax credits made pursuant to
the Film Production Tax Credit Act and the past performance of and current outlook for
the Film Production Tax Credit Act, including:
(a) the aggregate amount of credits paid subject to the aggregate amount
allowed pursuant to Subsection B of Section 7-2F-12 NMSA 1978 in the prior fiscal year
and the current amount of claims in the queue pursuant to Subsection C of Section 7-
2F-12 NMSA 1978;
(b) the aggregate amount of approved credits paid in the prior fiscal year for
expenditures by certain film production companies that are not subject to the aggregate
amount of claims allowed pursuant to Section 7-2F-12 NMSA 1978;
(c) the number of applicants receiving the additional credit for television pilots
and series pursuant to Section 7-2F-7 NMSA 1978 [repealed];
(d) the number of applicants receiving the additional amount for expenditures
made in certain areas of the state pursuant to Section 8 [7-2F-14 NMSA 1978] of this
2019 act;
(e) the aggregate amount of direct production expenditures and post
production expenditures in New Mexico during the prior fiscal year, shown by county;
(f) the total number and wages of New Mexico residents employed by film
production companies in the prior fiscal year; and
(g) any other relevant information, as determined by the division.
B.
The division shall develop a form on which the taxpayer claiming a credit
pursuant to the Film Production Tax Credit Act shall submit a report to accompany the
taxpayer's application for that credit.
C.
With respect to the production on which the application for a credit is based, the
film production company shall report to the division at a minimum the following
information:
(1) the total aggregate wages of the members of the New Mexico resident
crew;
(2) the number of New Mexico residents employed;
(3) the total amount of gross receipts taxes paid;
(4) the total number of hours worked by New Mexico residents;
(5) the total expenditures made in New Mexico that do not qualify for the
credit;
(6) the aggregate wages paid to the members of the nonresident crew while
working in New Mexico;
(7) the aggregate amount of direct production expenditures and
postproduction expenditures in New Mexico in the prior fiscal year, shown by county;
and
(8) other information deemed necessary by the division and economic
development department to determine the effectiveness of the credit.
D.
For purposes of assessing the effectiveness of a credit, the inability of the
economic development department to aggregate data due to sample size shall not
relieve the department of the requirement to report all relevant data to the legislature.
The division shall provide notice to a film production company applying for a credit that
information provided to the division may be revealed by the department in reports to the
legislature.
Source: official text