This text of New Mexico § 7-2F-4 (Reporting; accountability) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
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 cr
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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.