NMSA 1978, § 7-9-94 — 7-9-94

Deduction; gross receipts; military transformational
acquisition programs.

# A.

Receipts from transformational acquisition programs performing research and
development, test and evaluation at New Mexico major range and test facility bases
pursuant to contracts entered into with the United States department of defense may be
deducted from gross receipts through June 30, 2025.

# B.

As used in this section, "transformational acquisition program" means a military
acquisition program authorized by the office of the secretary of defense force
transformation and not physically tested in New Mexico on or before July 1, 2005.

# C.

The deduction provided in this section does not apply to receipts of a prime
contractor operating facilities designated as a national laboratory by act of congress and
is not applicable to current force programs as of July 1, 2005.

# D.

A taxpayer allowed a deduction pursuant to this section shall report the amount
of the deduction separately in a manner required by the department. The deduction
shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978,
including the annual aggregate cost of the deduction.