SENATE BILL 60

55th legislature - STATE OF NEW MEXICO - second session, 2022

INTRODUCED BY

Michael Padilla

AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR SECURITY SERVICES SOLD TO A FILM PRODUCTION COMPANY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:

     "[NEW MATERIAL] GROSS RECEIPTS--DEDUCTION--SECURITY SERVICES SOLD TO A FILM PRODUCTION COMPANY.--

          A. Prior to July 1, 2027, receipts from the sale of security services to a film production company for the provision of security services on location of a production of a commercial audiovisual product may be deducted from gross receipts.

          B. As used in this section:

                (1) "commercial audiovisual product" means "commercial audiovisual product" as defined in the Film Production Tax Credit Act;

                (2) "film production company" means "film production company" as defined in the Film Production Tax Credit Act; and

                (3) "security services" means the protection of property and persons provided by a person licensed pursuant to the Private Investigations Act as a level one security guard."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2022.

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