There is a newer version of the New Mexico Statutes
2014 New Mexico Statutes
Chapter 7 - Taxation
Section 2F Film Production Tax Credit
Section 7-2F-4 Reporting; accountability.
NM Stat § 7-2F-4 (2014) What's This?
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 film production tax credit;
(2) track the direct expenditures for the film production tax credit;
(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 film production tax credit; 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.
B. The division shall develop a form on which the taxpayer claiming a film production tax 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 film on which the application for a film production tax 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 film production tax credit;
(6) the aggregate wages paid to the members of the nonresident crew while working in New Mexico; and
(7) other information deemed necessary by the division and economic development department to determine the effectiveness of the film production tax credit.
D. For purposes of assessing the effectiveness of the film production tax 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 the film production tax credit that information provided to the division may be revealed by the department in reports to the legislature.
History: Laws 2011, ch. 165, 5.
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