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AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION

FOR RECEIPTS FROM CERTAIN MILITARY CONTRACTS TO IMPLEMENT

MISSION TRANSITION PROJECTS; PROVIDING FOR THE ANGEL

INVESTMENT CREDIT FOR INVESTMENT IN CERTAIN BUSINESSES;

ENACTING THE RURAL JOB TAX CREDIT; CLARIFYING THE

APPLICABILITY AND AMENDING THE DEFINITIONS OF THE FILM

PRODUCTION TAX CREDIT; PROVIDING A GROSS RECEIPTS TAX

DEDUCTION FOR RECEIPTS FROM SERVICES PROVIDED FOR THE

OPERATIONALLY RESPONSIVE SPACE PROGRAM; EXTENDING THE DEADLINE

BY WHICH A TRADE SUPPORT COMPANY MUST LOCATE IN NEW MEXICO TO

BE ELIGIBLE FOR GROSS RECEIPTS TAX DEDUCTIONS; PROVIDING A

GROSS RECEIPTS TAX DEDUCTION FOR CERTAIN RECEIPTS OF AIRCRAFT

MANUFACTURERS; EXPANDING THE SCOPE OF THE GROSS RECEIPTS TAX

DEDUCTION FOR SALES OF AGRICULTURAL IMPLEMENTS TO INCLUDE

IRRIGATION TOOLS, UTENSILS OR INSTRUMENTS; PROVIDING FOR A

DEDUCTION FROM GROSS RECEIPTS FOR PROFESSIONAL BOXING,

WRESTLING OR MARTIAL ARTS CONTESTS; PROVIDING FOR A DEDUCTION

FROM GROSS RECEIPTS FOR FEES FOR CERTAIN FINANCIAL MANAGEMENT

OR INVESTMENT ADVISORY SERVICES; PROVIDING FOR A DEDUCTION

FROM GROSS RECEIPTS FOR MEDICAL SERVICES AND MEDICAL SUPPLIES

FOR CATTLE; PROVIDING EXEMPTIONS FROM GROSS RECEIPTS TAX AND

COMPENSATING TAX FOR CERTAIN LOCOMOTIVE ENGINE FUEL; PROVIDING

FOR INCREASED TAX CREDITS PURSUANT TO THE LABORATORY

PARTNERSHIP WITH SMALL BUSINESS TAX CREDIT ACT AND ADDING

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ELIGIBILITY REQUIREMENTS AND INCREASING THE AMOUNT OF COSTS

THAT MAY BE CLAIMED AS QUALIFIED EXPENDITURES; PROVIDING FOR

COORDINATION OF EFFORTS BETWEEN NATIONAL LABORATORIES

PROVIDING SMALL BUSINESS ASSISTANCE PURSUANT TO THE LABORATORY

PARTNERSHIP WITH SMALL BUSINESS TAX CREDIT ACT AND PROVIDING

REPORTING REQUIREMENTS FOR THOSE NATIONAL LABORATORIES; MAKING

PERMANENT THE HIGH-WAGE JOBS TAX CREDIT; AMENDING THE LEASED

VEHICLE GROSS RECEIPTS TAX ACT TO EXEMPT TEMPORARY REPLACEMENT

VEHICLES FROM THE LEASED VEHICLE SURCHARGE; REPEALING A

SECTION OF LAWS 2004; DECLARING AN EMERGENCY.

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

Section 1. A new section of the Income Tax Act is

enacted to read:

"ANGEL INVESTMENT CREDIT.--

A. A taxpayer who files a New Mexico income tax

return, is not a dependent of another taxpayer, is an

accredited investor and makes a qualified investment may claim

a credit in an amount not to exceed twenty-five percent of not

more than one hundred thousand dollars ($100,000) of the

qualified investment. The tax credit provided in this section

shall be known as the "angel investment credit".

B. A taxpayer may claim the angel investment

credit for not more than two qualified investments in a

taxable year; provided that each investment is in a different

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qualified business. A taxpayer may claim the angel investment

credit for qualified investments made in the same qualified

business or successor of that business for not more than three

taxable years. The angel investment credit shall not exceed

twenty-five thousand dollars ($25,000) for each qualified

investment by the taxpayer.

C. A taxpayer may claim the angel investment

credit no later than one year following the end of the

calendar year in which the qualified investment was made;

provided that a claim for the credit may not be made or

allowed with respect to any investment made after December 31,

2011.

D. A taxpayer shall apply for certification of

eligibility for the angel investment credit from the economic

development department. Applications shall be considered in

the order received. If the economic development department

determines that the taxpayer is an accredited investor and the

investment is a qualified investment, it shall issue a

certificate of eligibility to the taxpayer, subject to the

limitation in Subsection E of this section. The certificate

shall be dated and shall include a calculation of the amount

of the angel investment credit for which the taxpayer is

eligible. The economic development department may issue rules

governing the procedure for administering the provisions of

this subsection.

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E. The economic development department may issue a

certificate of eligibility pursuant to Subsection D of this

section only if the total amount of angel investment credits

represented by certificates of eligibility issued by the

economic development department in any calendar year will not

exceed seven hundred fifty thousand dollars ($750,000). If

the applications for certificates of eligibility for angel

investment credits represent an aggregate amount exceeding

seven hundred fifty thousand dollars ($750,000) for any

calendar year, certificates shall be issued in the order that

the applications were received. The excess applications that

would have been certified, but for the limit imposed by this

subsection, shall be certified, subject to the same limit, in

subsequent calendar years.

F. The economic development department shall

report annually to the legislative finance committee on the

utilization and effectiveness of the angel investment credit.

The report shall include, at a minimum: the number of

accredited investors to whom certificates of eligibility were

issued by the department in the previous year; the names of

those investors; the amount of angel investment credit for

which each investor was certified eligible; and the number and

names of the businesses that the department has determined are

qualified businesses for purposes of an investment by an

accredited investor. The report shall also include an

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evaluation of the success of the angel investment credit as an

incubator of new businesses in New Mexico and of the continued

viability and operation in New Mexico of businesses in which

investments eligible for the angel investment credit have been

made.

G. To claim the angel investment credit, the

taxpayer must provide to the taxation and revenue department a

certificate of eligibility issued by the economic development

department pursuant to Subsection D of this section and any

other information the taxation and revenue department may

require to determine the amount of the tax credit due the

taxpayer. If the requirements of this section have been

complied with, the taxation and revenue department shall

approve the claim for the credit.

H. A taxpayer who otherwise qualifies for and

claims a credit pursuant to this section for a qualified

investment made by a partnership or other business association

of which the taxpayer is a member may claim a credit only in

proportion to the taxpayer's interest in the partnership or

business association. The total credit claimed in the

aggregate by all members of the partnership or business

association in a taxable year with respect to a qualified

investment shall not exceed twenty-five thousand dollars

($25,000).

I. A husband and wife who file separate returns

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for a taxable year in which they could have filed a joint

return may each claim one-half of the credit that would have

been allowed on a joint return.

J. The angel investment credit may only be

deducted from the taxpayer's income tax liability. Any

portion of the tax credit provided by this section that

remains unused at the end of the taxpayer's taxable year may

be carried forward for three consecutive years.

K. As used in this section:

(1) "accredited investor" means a person who

is an accredited investor within the meaning of Rule 501

issued by the federal securities and exchange commission

pursuant to the federal Securities Act of 1933, as amended;

(2) "business" means a corporation, general

partnership, limited partnership, limited liability company or

other similar entity, but excludes an entity that is a

government or a nonprofit organization designated as such by

the federal government or any state;

(3) "equity" means common or preferred stock

of a corporation, a partnership interest in a limited

partnership or a membership interest in a limited liability

company, including debt subject to an option in favor of the

creditor to convert the debt into common or preferred stock, a

partnership interest or a membership interest;

(4) "high-technology research" means

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research:

(a) that is undertaken for the purpose

of discovering information that is technological in nature and

the application of which is intended to be useful in the

development of a new or improved business component of the

qualified business; and

(b) substantially all of the activities

of which constitute elements of a process or experimentation

related to a new or improved function, performance,

reliability or quality, but not related to style, taste or

cosmetic or seasonal design factors;

(5) "manufacturing" means combining or

processing components or materials to increase their value for

sale in the ordinary course of business, but does not include:

(a) construction;

(b) farming;

(c) processing natural resources,

including hydrocarbons; or

(d) preparing meals for immediate

consumption, on- or off-premises;

(6) "qualified business" means a business

that:

(a) maintains its principal place of

business in New Mexico;

(b) engages in high-technology research

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or manufacturing activities in New Mexico;

(c) is not primarily engaged in or is

not primarily organized as any of the following types of

businesses: credit or finance services, including banks,

savings and loan associations, credit unions, small loan

companies or title loan companies; financial brokering or

investment; professional services, including accounting, legal

services, engineering and any other service the practice of

which requires a license; insurance; real estate; construction

or construction contracting; consulting or brokering; mining;

wholesale or retail trade; providing utility service,

including water, sewerage, electricity, natural gas, propane

or butane; publishing, including publishing newspapers or

other periodicals; broadcasting; or providing internet

operating services;

(d) has not issued securities

registered pursuant to Section 6 of the federal Securities Act

of 1933, as amended; has not issued securities traded on a

national securities exchange; is not subject to reporting

requirements of the federal Securities Exchange Act of 1934,

as amended; and is not registered pursuant to the federal

Investment Company Act of 1940, as amended, at the time of the

investment;

(e) has one hundred or fewer employees

calculated on a full-time-equivalent basis at the time of the

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investment; and

(f) has not had gross revenues in

excess of five million dollars ($5,000,000) in any fiscal year

ending on or before the date of the investment; and

(7) "qualified investment" means a cash

investment in a qualified business for equity, but does not

include an investment by a taxpayer if the taxpayer, a member

of the taxpayer's immediate family or an entity affiliated

with the taxpayer receives compensation from the qualified

business in exchange for services provided to the qualified

business within one year of investment in the qualified

business."

Section 2. A new Section 7-2E-1.1 NMSA 1978 is enacted

to read:

"7-2E-1.1. TAX CREDIT--RURAL JOB TAX CREDIT.--

A. The tax credit created by this section may be

referred to as the "rural job tax credit". Every eligible

employer may apply for, and the taxation and revenue

department may allow, a tax credit for each qualifying job the

employer creates. The maximum tax credit amount with respect

to each qualifying job is equal to:

(1) twenty-five percent of the first sixteen

thousand dollars ($16,000) in wages paid for the qualifying

job if the job is performed or based at a location in a tier

one area; or

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(2) twelve and one-half percent of the first

sixteen thousand dollars ($16,000) in wages paid if the

qualifying job is performed or based at a location in a tier

two area.

B. The amount of the rural job tax credit shall be

six and one-fourth percent of the first sixteen thousand

dollars ($16,000) in wages paid for the qualifying job in a

qualifying period. The rural job tax credit may be claimed

for each qualifying job for a maximum of:

(1) four qualifying periods for each

qualifying job performed or based at a location in a tier one

area; and

(2) two qualifying periods for each

qualifying job performed or based at a location in a tier two

area.

C. With respect to each qualifying job for which

an eligible employer seeks the rural job tax credit, the

employer shall certify the amount of wages paid to each

eligible employee during each qualifying period, the number of

weeks during the qualifying period the position was occupied

and whether the qualifying job was in a tier one or tier two

area.

D. The economic development department shall

determine which employers are eligible employers and shall

report the listing of eligible businesses to the taxation and

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revenue department in a manner and at times the departments

shall agree upon.

E. To receive a rural job tax credit with respect

to any qualifying period, an eligible employer must apply to

the taxation and revenue department on forms and in the manner

the department may prescribe. The application shall include a

certification made pursuant to Subsection C of this section.

If all the requirements of this section have been complied

with, the taxation and revenue department may issue to the

applicant a document granting a tax credit for the appropriate

qualifying period. The tax credit document shall be numbered

for identification and declare its date of issuance and the

amount of rural job tax credit allowed for the respective jobs

created. The tax credit documents may be sold, exchanged or

otherwise transferred and may be carried forward for a period

of three years from the date of issuance. The parties to such

a transaction to sell, exchange or transfer a rural job tax

credit document shall notify the department of the transaction

within ten days of the sale, exchange or transfer.

F. The holder of the tax credit document may apply

all or a portion of the rural job tax credit granted by the

document against the holder's modified combined tax liability,

personal income tax liability or corporate income tax

liability. Any balance of rural job tax credit granted by the

document may be carried forward for up to three years from the

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date of issuance of the tax credit document. No amount of

rural job tax credit may be applied against a gross receipts

tax imposed by a municipality or county.

G. Notwithstanding the provisions of Section 7-1-8

NMSA 1978, the taxation and revenue department may disclose to

any person the balance of rural job tax credit remaining on

any tax credit document and the balance of credit remaining on

that document for any period.

H. The secretary of economic development, the

secretary of taxation and revenue and the secretary of labor

or their designees shall annually evaluate the effectiveness

of the rural job tax credit in stimulating economic

development in the rural areas of New Mexico and make a joint

report of their findings to each session of the legislature so

long as the rural job tax credit is in effect.

I. An eligible employer that creates a qualifying

job in the period beginning on or after July 1, 2006 but

before July 1, 2007 or creates a qualifying job, the

qualifying period of which includes a part of the period

between July 1, 2006 and July 1, 2007, for which the eligible

employer has not received a rural job tax credit document

pursuant to this section may submit an application for, and

the department may issue to the eligible employer applying, a

document granting a tax credit for the appropriate qualifying

period. Claims for a rural job tax credit submitted pursuant

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to the provisions of this subsection shall be submitted within

three years from the date of issuance of the rural job tax

credit document.

J. As used in this section:

(1) "eligible employee" means any individual

other than an individual who:

(a) bears any of the relationships

described in Paragraphs (1) through (8) of 26 U.S.C. Section

152(a) to the employer or, if the employer is a corporation,

to an individual who owns, directly or indirectly, more than

fifty percent in value of the outstanding stock of the

corporation or, if the employer is an entity other than a

corporation, to any individual who owns, directly or

indirectly, more than fifty percent of the capital and profits

interests in the entity;

(b) if the employer is an estate or

trust, is a grantor, beneficiary or fiduciary of the estate or

trust or is an individual who bears any of the relationships

described in Paragraphs (1) through (8) of 26 U.S.C. Section

152(a) to a grantor, beneficiary or fiduciary of the estate or

trust; or

(c) is a dependent, as that term is

described in 26 U.S.C. Section 152(a)(9), of the employer or,

if the taxpayer is a corporation, of an individual who owns,

directly or indirectly, more than fifty percent in value of

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the outstanding stock of the corporation or, if the employer

is an entity other than a corporation, of any individual who

owns, directly or indirectly, more than fifty percent of the

capital and profits interests in the entity or, if the

employer is an estate or trust, of a grantor, beneficiary or

fiduciary of the estate or trust;

(2) "eligible employer" means an employer

who has been approved for in-plant training assistance

pursuant to Section 21-19-7 NMSA 1978;

(3) "metropolitan statistical area" means a

metropolitan statistical area in New Mexico as determined by

the United States bureau of the census;

(4) "modified combined tax liability" means

the total liability for the reporting period for the gross

receipts tax imposed by Section 7-9-4 NMSA 1978 together with

any tax collected at the same time and in the same manner as

that gross receipts tax, such as the compensating tax, the

withholding tax, the interstate telecommunications gross

receipts tax, the surcharges imposed by Section 63-9D-5 NMSA

1978 and the surcharge imposed by Section 63-9F-11 NMSA 1978,

minus the amount of any credit other than the rural job tax

credit applied against any or all of these taxes or

surcharges; but "modified combined tax liability" excludes all

amounts collected with respect to local option gross receipts

taxes;

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(5) "qualifying job" means a job established

by the employer that is occupied by an eligible employee for

at least forty-eight weeks of a qualifying period;

(6) "qualifying period" means the period of

twelve months beginning on the day an eligible employee begins

working in a qualifying job or the period of twelve months

beginning on the anniversary of the day an eligible employee

began working in a qualifying job;

(7) "rural area" means any part of the state

other than:

(a) an H class county;

(b) the state fairgrounds;

(c) an incorporated municipality within

a metropolitan statistical area if the municipality's

population is thirty thousand or more according to the most

recent federal decennial census; and

(d) any area within ten miles of the

exterior boundaries of a municipality described in

Subparagraph (c) of this paragraph;

(8) "tier one area" means:

(a) any municipality within the rural

area if the municipality's population according to the most

recent federal decennial census is fifteen thousand or less;

or

(b) any part of the rural area that is

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not within the exterior boundaries of a municipality;

(9) "tier two area" means any municipality

within the rural area if the municipality's population

according to the most recent federal decennial census is more

than fifteen thousand; and

(10) "wages" means wages as defined by

Paragraphs (1), (2) and (3) of 26 U.S.C. Section 51(c)."

Section 3. Section 7-2F-1 NMSA 1978 (being Laws 2002,

Chapter 36, Section 1, as amended) is amended to read:

"7-2F-1. FILM PRODUCTION TAX CREDIT.--

A. The tax credit created by this section may be

referred to as the "film production tax credit". An eligible

film production company may apply for, and the taxation and

revenue department may allow, a tax credit in an amount equal

to the percentage specified in Subsection B of this section

of:

(1) direct production expenditures made in

New Mexico that:

(a) are directly attributable to the

production in New Mexico of a film or commercial audiovisual

product;

(b) are subject to taxation by the

state of New Mexico; and

(c) exclude direct production

expenditures for which another taxpayer claims the film

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production tax credit; and

(2) postproduction expenditures made in New

Mexico that:

(a) are directly attributable to the

production of a commercial film or audiovisual product;

(b) are for services performed in New

Mexico;

(c) are subject to taxation by the

state of New Mexico; and

(d) exclude postproduction expenditures

for which another taxpayer claims the film production tax

credit.

B. Except as provided in Subsections C and J of

this section, the percentage to be applied in calculating the

amount of the film production tax credit is twenty-five

percent.

C. With respect to expenditures attributable to a

production for which the film production company receives a

tax credit pursuant to the federal new markets tax credit

program, the percentage to be applied in calculating the film

production tax credit is twenty percent.

D. The film production tax credit shall not be

claimed with respect to direct production expenditures or

postproduction expenditures for which the film production

company has delivered a nontaxable transaction certificate

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pursuant to Section 7-9-86 NMSA 1978.

E. A long-form narrative film production for which

the film production tax credit is claimed pursuant to

Paragraph (1) of Subsection A of this section shall contain an

acknowledgment that the production was filmed in New Mexico.

F. To be eligible for the film production tax

credit, a film production company shall submit to the New

Mexico film division of the economic development department

information required by the division to demonstrate conformity

with the requirements of this section and shall agree in

writing:

(1) to pay all obligations the film

production company has incurred in New Mexico;

(2) to publish, at completion of principal

photography, a notice at least once a week for three

consecutive weeks in local newspapers in regions where filming

has taken place to notify the public of the need to file

creditor claims against the film production company by a

specified date;

(3) that outstanding obligations are not

waived should a creditor fail to file by the specified date;

and

(4) to delay filing of a claim for the film

production tax credit until the New Mexico film division

delivers written notification to the taxation and revenue

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department that the film production company has fulfilled all

requirements for the credit.

G. The New Mexico film division shall determine

the eligibility of the company and shall report this

information to the taxation and revenue department in a manner

and at times the economic development department and the

taxation and revenue department shall agree upon.

H. To receive a film production tax credit, a film

production company shall apply to the taxation and revenue

department on forms and in the manner the department may

prescribe. The application shall include a certification of

the amount of direct production expenditures or postproduction

expenditures made in New Mexico with respect to the film

production for which the film production company is seeking

the film production tax credit. If the requirements of this

section have been complied with, the taxation and revenue

department shall approve the film production tax credit and

issue a document granting the tax credit.

I. The film production company may apply all or a

portion of the film production tax credit granted against

personal income tax liability or corporate income tax

liability. If the amount of the film production tax credit

claimed exceeds the film production company's tax liability

for the taxable year in which the credit is being claimed, the

excess shall be refunded.

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J. As applied to direct production expenditures

for the services of performing artists, the film production

tax credit authorized by this section shall not exceed five

million dollars ($5,000,000) for services rendered by all

performing artists in a production for which the film

production tax credit is claimed."

Section 4. Section 7-2F-2 NMSA 1978 (being Laws 2003,

Chapter 127, Section 2, as amended) is amended to read:

"7-2F-2. DEFINITIONS.--As used in Chapter 7, Article 2F

NMSA 1978:

A. "commercial audiovisual product" means a film

or a videogame intended for commercial exploitation;

B. "direct production expenditure" means a

transaction that is subject to taxation in New Mexico,

including:

(1) payment of wages, fringe benefits or

fees for talent, management or labor to a person who is a New

Mexico resident for purposes of the Income Tax Act;

(2) payment to a personal services

corporation for the services of a performing artist if:

(a) the personal services corporation

pays gross receipts tax in New Mexico on the portion of those

payments qualifying for the tax credit; and

(b) the performing artist receiving

payments from the personal services corporation pays New

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Mexico income tax; and

(3) any of the following provided by a

vendor:

(a) the story and scenario to be used

for a film;

(b) set construction and operations,

wardrobe, accessories and related services;

(c) photography, sound synchronization,

lighting and related services;

(d) editing and related services;

(e) rental of facilities and equipment;

(f) leasing of vehicles, not including

the chartering of aircraft for out-of-state transportation;

however, New Mexico-based chartered aircraft for in-state

transportation directly attributable to the production shall

be considered a direct production expenditure;

(g) food or lodging;

(h) commercial airfare if purchased

through a New Mexico-based travel agency or travel company for

travel to and from New Mexico or within New Mexico that is

directly attributable to the production;

(i) insurance coverage and bonding if

purchased through a New Mexico-based insurance agent; and

(j) other direct costs of producing a

film in accordance with generally accepted entertainment

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industry practice;

C. "federal new markets tax credit program" means

the tax credit program codified as Section 45D of the United

States Internal Revenue Code of 1986, as amended;

D. "film" means a single media or multimedia

program, excluding advertising messages other than national or

regional advertising messages intended for exhibition, that:

(1) is fixed on film, digital medium,

videotape, computer disc, laser disc or other similar delivery

medium;

(2) can be viewed or reproduced;

(3) is not intended to and does not violate

a provision of Chapter 30, Article 37 NMSA 1978; and

(4) is intended for reasonable commercial

exploitation for the delivery medium used;

E. "film production company" means a person that

produces one or more films or any part of a film; and

F. "postproduction expenditure" means an

expenditure for editing, Foley recording, automatic dialogue

replacement, sound editing, special effects, including

computer-generated imagery or other effects, scoring and music

editing, beginning and end credits, negative cutting,

soundtrack production, dubbing, subtitling or addition of

sound or visual effects; but not including an expenditure for

advertising, marketing, distribution or expense payments."

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Section 5. Section 7-9-54.2 NMSA 1978 (being Laws 1995,

Chapter 183, Section 2, as amended) is amended to read:

"7-9-54.2. GROSS RECEIPTS--DEDUCTION--SPACEPORT

OPERATION--SPACE OPERATIONS--LAUNCHING, OPERATING AND

RECOVERING SPACE VEHICLES OR PAYLOADS--PAYLOAD SERVICES--

OPERATIONALLY RESPONSIVE SPACE PROGRAM SERVICES.--

A. Receipts from launching, operating or

recovering space vehicles or payloads in New Mexico may be

deducted from gross receipts.

B. Receipts from preparing a payload in New Mexico

are deductible from gross receipts.

C. Receipts from operating a spaceport in New

Mexico are deductible from gross receipts.

D. Receipts from the provision of research,

development, testing and evaluation services for the United

States air force operationally responsive space program may be

deducted from gross receipts.

E. As used in this section:

(1) "operationally responsive space program"

means a program authorized pursuant to 10 U.S.C. 2273a;

(2) "payload" means a system, subsystem or

other mechanical structure or material to be conveyed into

space that is designed, constructed or intended to perform a

function in space;

(3) "space" means any location beyond

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altitudes of sixty thousand feet above the earth's mean sea

level;

(4) "space operations" means the process of

commanding and controlling payloads in space; and

(5) "spaceport" means an installation and

related facilities used for the launching, landing, operating,

recovering, servicing and monitoring of vehicles capable of

entering or returning from space.

F. Receipts from the sale of tangible personal

property that will become an ingredient or component part of a

construction project or from performing construction services

may not be deducted under this section."

Section 6. Section 7-9-56.3 NMSA 1978 (being Laws 2003,

Chapter 232, Section 1) is amended to read:

"7-9-56.3. DEDUCTION--GROSS RECEIPTS--TRADE-SUPPORT

COMPANY IN A BORDER ZONE.--

A. The receipts of a trade-support company may be

deducted from gross receipts if:

(1) the trade-support company first locates

in New Mexico within twenty miles of a port of entry on New

Mexico's border with Mexico on or after July 1, 2003 but

before July 1, 2013;

(2) the receipts are received by the company

within a five-year period beginning on the date the trade-

support company locates in New Mexico and the receipts are

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derived from its business activities and operations at its

border zone location; and

(3) the trade-support company employs at

least two employees in New Mexico.

B. As used in this section:

(1) "employee" means an individual, other

than an individual who:

(a) bears any of the relationships

described in Paragraphs (1) through (8) of 26 U.S.C. Section

152(a) to the employer or, if the employer is a corporation,

to an individual who owns, directly or indirectly, more than

fifty percent in value of the outstanding stock of the

corporation or, if the employer is an entity other than a

corporation, to an individual who owns, directly or

indirectly, more than fifty percent of the capital and profits

interests in the entity;

(b) if the employer is an estate or

trust, is a grantor, beneficiary or fiduciary of the estate or

trust or is an individual who bears any of the relationships

described in Paragraphs (1) through (8) of 26 U.S.C. Section

152(a) to a grantor, beneficiary or fiduciary of the estate or

trust; or

(c) is a dependent, as that term is

described in 26 U.S.C. Section 152(a)(9), of the employer, or,

if the taxpayer is a corporation, of an individual who owns,

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directly or indirectly, more than fifty percent in value of

the outstanding stock of the corporation or, if the employer

is an entity other than a corporation, an individual who owns,

directly or indirectly, more than fifty percent of the capital

and profits interests in the entity or, if the employer is an

estate or trust, of a grantor, beneficiary or fiduciary of the

estate or trust;

(2) "port of entry" means an international

port of entry in New Mexico at which customs services are

provided by United States customs and border protection; and

(3) "trade-support company" means a customs

brokerage firm or a freight forwarder."

Section 7. Section 7-9-62 NMSA 1978 (being Laws 1969,

Chapter 144, Section 52, as amended) is amended to read:

"7-9-62. DEDUCTION--GROSS RECEIPTS TAX--AGRICULTURAL

IMPLEMENTS--AIRCRAFT MANUFACTURERS--VEHICLES THAT ARE NOT

REQUIRED TO BE REGISTERED.--

A. Except for receipts deductible under Subsection

B of this section, fifty percent of the receipts from selling

agricultural implements, farm tractors, aircraft or vehicles

that are not required to be registered under the Motor Vehicle

Code may be deducted from gross receipts; provided that, with

respect to agricultural implements, the sale is made to a

person who states in writing that the person is regularly

engaged in the business of farming or ranching. Any deduction

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allowed under Section 7-9-71 NMSA 1978 must be taken before

the deduction allowed by this subsection is computed.

B. Receipts of an aircraft manufacturer or

affiliate from selling aircraft or aircraft parts or from

selling services performed on aircraft or aircraft components

or from selling aircraft flight support, pilot training or

maintenance training services may be deducted from gross

receipts. Any deduction allowed under Section 7-9-71 NMSA

1978 must be taken before the deduction allowed by this

subsection is computed.

C. As used in this section:

(1) "affiliate" means a business entity that

directly or indirectly through one or more intermediaries

controls, is controlled by or is under common control with the

aircraft manufacturer;

(2) "agricultural implement" means a tool,

utensil or instrument that is:

(a) designed to irrigate agricultural

crops above ground or below ground at the place where the crop

is grown; or

(b) designed primarily for use with a

source of motive power, such as a tractor, in planting,

growing, cultivating, harvesting or processing agricultural

crops at the place where the crop is grown; in raising poultry

or livestock; or in obtaining or processing food or fiber,

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such as eggs, milk, wool or mohair, from living poultry or

livestock at the place where the poultry or livestock are kept

for this purpose; and

(c) depreciable for federal income tax

purposes;

(3) "aircraft manufacturer" means a business

entity that in the ordinary course of business designs and

builds private or commercial aircraft certified by the federal

aviation administration;

(4) "business entity" means a corporation,

limited liability company, partnership, limited partnership,

limited liability partnership or real estate investment trust,

but does not mean an individual or a joint venture;

(5) "control" means equity ownership in a

business entity that:

(a) represents at least fifty percent

of the total voting power of that business entity; and

(b) has a value equal to at least fifty

percent of the total equity of that business entity; and

(6) "flight support" means providing

navigation data, charts, weather information, online

maintenance records and other aircraft or flight-related

information and the software needed to access the

information."

Section 8. A new section of the Gross Receipts and

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Compensating Tax Act is enacted to read:

"DEDUCTION--MILITARY CONSTRUCTION SERVICES.--

A. Receipts from military construction services

provided at New Mexico military installations to implement

special operations mission transition projects pursuant to

contracts entered into with the United States department of

defense may be deducted from gross receipts; provided that the

military installation is located in a class B county with a

population greater than forty-two thousand according to the

most recent federal decennial census and with a net taxable

value for rate-setting purposes of less than one billion

dollars ($1,000,000,000) as determined by the local government

division of the department of finance and administration for

the 2006 property tax year.

B. The deduction provided in this section applies

to reporting periods beginning July 1, 2007 and ending

December 31, 2010.

Section 9. A new section of the Gross Receipts and

Compensating Tax Act is enacted to read:

"DEDUCTION--GROSS RECEIPTS TAX--PRODUCTION OR STAGING OF

PROFESSIONAL CONTESTS.--Receipts from producing or staging a

professional boxing, wrestling or martial arts contest that

occurs in New Mexico, including receipts from ticket sales and

broadcasting, may be deducted from gross receipts."

Section 10. A new section of the Gross Receipts and

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Compensating Tax Act is enacted to read:

"DEDUCTION--GROSS RECEIPTS--RECEIPTS FROM PERFORMING

MANAGEMENT OR INVESTMENT ADVISORY SERVICES FOR MUTUAL FUNDS,

HEDGE FUNDS OR REAL ESTATE INVESTMENT TRUSTS.--

A. Receipts from fees received for performing

management or investment advisory services for a mutual fund,

hedge fund or real estate investment trust may be deducted

from gross receipts.

B. As used in this section:

(1) "hedge fund" means a private investment

fund or pool, the assets of which are managed by a

professional management firm, that:

(a) trades or invests, through public

market or private transactions, in securities, commodities,

currency, derivatives or similar classes of financial assets;

or

(b) is not an investment company

pursuant to the provisions of 15 U.S.C. 80a-3(c)(1) or 15

U.S.C. 80a-3(c)(7);

(2) "mutual fund" means an entity registered

pursuant to the federal Investment Company Act of 1940, as

amended; and

(3) "real estate investment trust" means an

entity described in Section 856(a) of the Internal Revenue

Code of 1986, as amended, the investments of which are limited

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to interests in mortgages on real property and shares of or

transferable certificates of beneficial interest in an entity

described in Section 856(a) of the Internal Revenue Code of

1986, as amended."

Section 11. A new section of the Gross Receipts and

Compensating Tax Act is enacted to read:

"DEDUCTION--GROSS RECEIPTS TAX--VETERINARY MEDICAL

SERVICES, MEDICINE OR MEDICAL SUPPLIES USED IN MEDICAL

TREATMENT OF CATTLE.--

A. Receipts from sales of veterinary medical

services, medicine or medical supplies used in the medical

treatment of cattle may be deducted from gross receipts if the

sale is made to a person who states in writing that the person

is regularly engaged in the business of ranching or farming,

including dairy farming, in New Mexico or if the sale is made

to a veterinarian who holds a valid license pursuant to the

Veterinary Practice Act and who is providing veterinary

medical services, medicine or medical supplies in the

treatment of cattle owned by that person.

B. As used in this section, "cattle" means animals

of the genus bos, including dairy cattle, and does not include

any other kind of livestock."

Section 12. A new section of the Gross Receipts and

Compensating Tax Act is enacted to read:

"EXEMPTION--GROSS RECEIPTS TAX--LOCOMOTIVE ENGINE

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FUEL.--Receipts from the sale of fuel to a common carrier to

be loaded or used in a locomotive engine are exempted from the

gross receipts tax. For the purposes of this section,

"locomotive engine" means a wheeled vehicle consisting of a

self-propelled engine that is used to draw trains along

railway tracks."

Section 13. A new section of the Gross Receipts and

Compensating Tax Act is enacted to read:

"EXEMPTION--COMPENSATING TAX--LOCOMOTIVE ENGINE FUEL.--

Exempted from the compensating tax is the use of fuel to be

loaded or used by a common carrier in a locomotive engine.

For the purposes of this section, "locomotive engine" means a

wheeled vehicle consisting of a self-propelled engine that is

used to draw trains along railway tracks."

Section 14. Section 7-9E-1 NMSA 1978 (being Laws 2000

(2nd S.S.), Chapter 20, Section 1) is amended to read:

"7-9E-1. SHORT TITLE.--Chapter 7, Article 9E NMSA 1978

may be cited as the "Laboratory Partnership with Small

Business Tax Credit Act"."

Section 15. Section 7-9E-3 NMSA 1978 (being Laws 2000

(2nd S.S.), Chapter 20, Section 3) is amended to read:

"7-9E-3. DEFINITIONS.--As used in the Laboratory

Partnership with Small Business Tax Credit Act:

A. "contractor":

(1) means a person that:

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(a) has the capability to provide small

business assistance; and

(b) may enter into a contract with a

national laboratory to provide small business assistance; and

(2) includes:

(a) a gas, water or electric utility

owned or operated by a county, municipality or other political

subdivision of the state; or

(b) a national, federal, state, Indian

or other governmental unit or subdivision, or an agency,

department or instrumentality of any of the foregoing;

B. "department" means the taxation and revenue

department, the secretary of taxation and revenue or an

employee of the department exercising authority lawfully

delegated to that employee by the secretary;

C. "national laboratory" means a prime contractor

designated as a national laboratory by act of congress that is

operating a facility in New Mexico;

D. "qualified expenditure" means an expenditure by

a national laboratory in providing small business assistance,

limited to the following expenditures incurred in providing

the assistance:

(1) employee salaries, wages, fringe

benefits and employer payroll taxes;

(2) administrative costs related directly to

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the provision of small business assistance, the total of which

is limited to forty-nine percent of employee salaries, wages,

fringe benefits and employer payroll taxes;

(3) in-state travel expenses, including per

diem and mileage at the internal revenue service standard

rates; and

(4) supplies and services of contractors

related to the provision of small business assistance;

E. "rural area" means an area of the state outside

of the exterior boundaries of a class A county that has a net

taxable value for rate-setting purposes for any property tax

year of more than seven billion dollars ($7,000,000,000);

F. "small business" means a business in New Mexico

that conforms to the definition of small business found in the

federal Small Business Act; and

G. "small business assistance" means assistance

rendered by a national laboratory related to the transfer of

technology, including software, manufacturing, mining, oil and

gas, environmental, agricultural, information and solar and

other alternative energy source technologies. "Small business

assistance" includes nontechnical assistance related to

expanding the New Mexico base of suppliers, including training

and mentoring individual small businesses; assistance in

developing business systems to meet audit, reporting and

quality assurance requirements; and other supplier development

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initiatives for individual small businesses."

Section 16. Section 7-9E-5 NMSA 1978 (being Laws 2000

(2nd S.S.), Chapter 20, Section 5) is amended to read:

"7-9E-5. ELIGIBILITY REQUIREMENTS.--A national

laboratory is eligible for a tax credit in an amount equal to

qualified expenditures if:

A. the small business assistance is rendered to a

small business located in New Mexico;

B. the small business assistance is completed;

C. the small business certifies to the national

laboratory that the small business assistance provided is not

otherwise available to the small business at a reasonable cost

through private industry;

D. the national laboratory provides written notice

to each small business to which it is providing small business

assistance of the option that the small business has to obtain

ownership of or license to tangible or intangible property

developed from the small business assistance;

E. the national laboratory requires small

businesses to which it is providing small business assistance

to acknowledge only after the small business assistance is

completed that the small business assistance has been

rendered; and

F. the national laboratory provides forms for

small business requests and for completion of small business

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assistance that are in accordance with the Laboratory

Partnership with Small Business Tax Credit Act and other

applicable state and federal laws."

Section 17. Section 7-9E-7 NMSA 1978 (being Laws 2000

(2nd S.S.), Chapter 20, Section 7) is amended to read:

"7-9E-7. TAX CREDITS--AMOUNTS.--A tax credit provided

pursuant to the Laboratory Partnership with Small Business Tax

Credit Act shall be in an amount equal to the qualified

expenditure incurred by the national laboratory to provide

small business assistance to a specific small business, not to

exceed ten thousand dollars ($10,000) for each small business

located outside of a rural area for which small business

assistance is rendered in a calendar year or twenty thousand

dollars ($20,000) if the small business assistance was

provided to a small business located in a rural area."

Section 18. Section 7-9E-8 NMSA 1978 (being Laws 2000

(2nd S.S.), Chapter 20, Section 8) is amended to read:

"7-9E-8. CLAIMING THE TAX CREDIT--LIMITATION.--

A. A national laboratory eligible for the tax

credit pursuant to the Laboratory Partnership with Small

Business Tax Credit Act may claim the amount of each tax

credit by crediting that amount against gross receipts taxes

otherwise due pursuant to the Gross Receipts and Compensating

Tax Act. The tax credit shall be taken on each monthly gross

receipts tax return filed by the laboratory against gross

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receipts taxes due the state and shall not impact any local

government tax distribution. In no event shall the tax

credits taken by an individual national laboratory exceed two

million four hundred thousand dollars ($2,400,000) in a given

calendar year.

B. Tax credits claimed pursuant to the Laboratory

Partnership with Small Business Tax Credit Act by all national

laboratories in the aggregate for qualified expenditures for a

specific small business not located in a rural area shall not

exceed ten thousand dollars ($10,000).

C. Tax credits claimed pursuant to the Laboratory

Partnership with Small Business Tax Credit Act by all national

laboratories in the aggregate for qualified expenditures for a

specific small business located in a rural area shall not

exceed twenty thousand dollars ($20,000)."

Section 19. A new section of the Laboratory Partnership

with Small Business Tax Credit Act is enacted to read:

"COORDINATION BETWEEN NATIONAL LABORATORIES.--If more

than one national laboratory is eligible for a tax credit

pursuant to the Laboratory Partnership with Small Business Tax

Credit Act, a national laboratory shall not file a tax credit

claim pursuant to the Laboratory Partnership with Small

Business Tax Credit Act until:

A. coordination is developed between the national

laboratories providing small business assistance pursuant to

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the Laboratory Partnership with Small Business Tax Credit Act

that generates a joint small business assistance operational

plan and a plan to ensure that the small business assistance

provided by a national laboratory suits the small business's

needs and challenges; and

B. a written copy of each plan formed pursuant to

this section is provided to the department."

Section 20. A new section of the Laboratory Partnership

with Small Business Tax Credit Act is enacted to read:

"REPORTING.--

A. By October 15 of each year, a national

laboratory that has claimed a tax credit pursuant to the

Laboratory Partnership with Small Business Tax Credit Act for

the previous calendar year shall submit an annual report in

writing to the department, the economic development department

and an appropriate legislative interim committee.

B. If more than one national laboratory claims a

tax credit pursuant to the Laboratory Partnership with Small

Business Tax Credit Act for the previous calendar year, those

laboratories shall jointly submit an annual report to the

department, the economic development department and an

appropriate legislative interim committee no later than

October 15 following the calendar year in which the small

business assistance was provided.

C. An annual report shall summarize activities

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related to and the results of the small business assistance

programs that were provided by one or more national

laboratories and shall include:

(1) a summary of the program results and the

number of small businesses assisted in each county;

(2) a description of the projects involving

multiple small businesses;

(3) results of surveys of small businesses

to which small business assistance is provided;

(4) the total amount of the tax credits

claimed pursuant to the Laboratory Partnership with Small

Business Tax Credit Act for the year on which the report is

based; and

(5) an economic impact study of jobs

created, jobs retained, cost savings and increased sales

generated by small businesses for which small business

assistance is provided.

D. At any time after receipt of an annual report

required pursuant to this section from one or more national

laboratories eligible for tax credits authorized pursuant to

the Laboratory Partnership with Small Business Tax Credit Act,

the department or the economic development department may

provide written instructions to a national laboratory

identifying future improvements in the laboratory's small

business assistance program for which it receives that tax

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credit."

Section 21. Section 7-9G-1 NMSA 1978 (being Laws 2004,

Chapter 15, Section 1) is amended to read:

"7-9G-1. HIGH-WAGE JOBS TAX CREDIT--QUALIFYING HIGH-

WAGE JOBS.--

A. A taxpayer who is an eligible employer may

apply for, and the taxation and revenue department may allow,

a tax credit for each new high-wage economic-based job. The

credit provided in this section may be referred to as the

"high-wage jobs tax credit".

B. The high-wage jobs tax credit may be claimed

and allowed in an amount equal to ten percent of the wages and

benefits distributed to an eligible employee in a new high-

wage economic-based job, but shall not exceed twelve thousand

dollars ($12,000).

C. The high-wage jobs tax credit may be claimed by

an eligible employer for each new high-wage economic-based job

performed for the year in which the new high-wage economic-

based job is created and for the three following qualifying

periods.

D. A new high-wage economic-based job shall not be

eligible for a credit pursuant to this section unless the

eligible employer's total number of employees with new high-

wage economic-based jobs on the last day of the qualifying

period at the location at which the job is performed or based

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is at least one more than the number on the day prior to the

date the job was created.

E. With respect to each new high-wage economic-

based job for which an eligible employer seeks the high-wage

jobs tax credit, the employer shall certify:

(1) the amount of wages paid to each

eligible employee in a new high-wage economic-based job during

each qualifying period;

(2) the number of weeks the position was

occupied during the qualifying period;

(3) whether the new high-wage economic-based

job was in a municipality with a population of forty thousand

or more or with a population of less than forty thousand

according to the most recent federal decennial census and

whether the job was in the unincorporated area of a county;

and

(4) the total number of employees employed

by the employer at the job location on the day prior to the

qualifying period and on the last day of the qualifying

period.

F. To receive a high-wage jobs tax credit with

respect to any qualifying period, an eligible employer shall

apply to the taxation and revenue department on forms and in

the manner prescribed by the department. The application

shall include a certification made pursuant to Subsection E of

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this section.

G. The credit provided in this section may be

deducted from the modified combined tax liability of a

taxpayer. If the credit exceeds the modified combined tax

liability of the taxpayer, the excess shall be refunded to the

taxpayer.

H. As used in this section:

(1) "benefits" means any employee benefit

plan as defined in Title 1, Section 3 of the federal Employee

Retirement Income Security Act of 1974, 29 U.S.C. 1002;

(2) "eligible employee" means an individual

who is employed by an eligible employer and who is a resident

of New Mexico; "eligible employee" does not include an

individual who:

(a) bears any of the relationships

described in Paragraphs (1) through (8) of 26 U.S.C. Section

152(a) to the employer or, if the employer is a corporation,

to an individual who owns, directly or indirectly, more than

fifty percent in value of the outstanding stock of the

corporation or, if the employer is an entity other than a

corporation, to an individual who owns, directly or

indirectly, more than fifty percent of the capital and profits

interest in the entity;

(b) if the employer is an estate or

trust, is a grantor, beneficiary or fiduciary of the estate or

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trust or is an individual who bears any of the relationships

described in Paragraphs (1) through (8) of 26 U.S.C. Section

152(a) to a grantor, beneficiary or fiduciary of the estate or

trust;

(c) is a dependent, as that term is

described in 26 U.S.C. Section 152(a)(9), of the employer or,

if the taxpayer is a corporation, of an individual who owns,

directly or indirectly, more than fifty percent in value of

the outstanding stock of the corporation or, if the employer

is an entity other than a corporation, of an individual who

owns, directly or indirectly, more than fifty percent of the

capital and profits interest in the entity or, if the employer

is an estate or trust, of a grantor, beneficiary or fiduciary

of the estate or trust; or

(d) is working or has worked as an

employee or as an independent contractor for an entity that

directly or indirectly owns stock in a corporation of the

eligible employer or other interest of the eligible employer

that represents fifty percent or more of the total voting

power of that entity or has a value equal to fifty percent or

more of the capital and profits interest in the entity;

(3) "eligible employer" means an employer

that:

(a) made more than fifty percent of its

sales to persons outside New Mexico during the most recent

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twelve months of the employer's modified combined tax

liability reporting periods ending prior to claiming a high-

wage jobs tax credit; or

(b) is eligible for development

training program assistance pursuant to Section 21-19-7 NMSA

1978;

(4) "modified combined tax liability" means

the total liability for the reporting period for the gross

receipts tax imposed by Section 7-9-4 NMSA 1978 together with

any tax collected at the same time and in the same manner as

the gross receipts tax, such as the compensating tax, the

withholding tax, the interstate telecommunications gross

receipts tax, the surcharges imposed by Section 63-9D-5 NMSA

1978 and the surcharge imposed by Section 63-9F-11 NMSA 1978,

minus the amount of any credit other than the high-wage jobs

tax credit applied against any or all of these taxes or

surcharges; but "modified combined tax liability" excludes all

amounts collected with respect to local option gross receipts

taxes;

(5) "new high-wage economic-based job" means

a job created by an eligible employer on or after July 1, 2004

and prior to July 1, 2009 that is occupied for at least forty-

eight weeks of a qualifying period by an eligible employee who

is paid wages calculated for the qualifying period to be at

least:

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(a) forty thousand dollars ($40,000) if

the job is performed or based in a municipality with a

population of forty thousand or more according to the most

recent federal decennial census; and

(b) twenty-eight thousand dollars

($28,000) if the job is performed or based in a municipality

with a population of less than forty thousand according to the

most recent federal decennial census or in the unincorporated

area of a county;

(6) "qualifying period" means the period of

twelve months beginning on the day an eligible employee begins

working in a new high-wage economic-based job or the period of

twelve months beginning on the anniversary of the day an

eligible employee began working in a new high-wage economic-

based job; and

(7) "wages" means wages as defined in

Paragraphs (1), (2) and (3) of 26 U.S.C. Section 51(c)."

Section 22. Section 7-14A-3.1 NMSA 1978 (being Laws

1993, Chapter 359, Section 1) is amended to read:

"7-14A-3.1. IMPOSITION AND RATE--LEASED VEHICLE

SURCHARGE.--

A. Except as provided in Subsection B of this

section, there is imposed a surcharge on the leasing of a

vehicle to another person by a person engaging in business in

New Mexico if the lease is subject to the leased vehicle gross

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receipts tax. The amount of this surcharge is two dollars

($2.00) for each day the vehicle is leased by the person. The

surcharge may be referred to as the "leased vehicle

surcharge".

B. The leased vehicle surcharge imposed in

Subsection A of this section shall not apply to the lease of a

temporary replacement vehicle if the lessee signs a statement

that the temporary replacement vehicle is to be used as a

replacement for another vehicle that is being repaired,

serviced or replaced. For the purposes of this section,

"temporary replacement vehicle" means a vehicle that is:

(1) used by an individual in place of

another vehicle that is unavailable for use by the individual

due to loss, damage, mechanical breakdown or need for

servicing; and

(2) leased temporarily by or on behalf of

the individual or loaned temporarily to the individual by a

vehicle repair facility or dealer while the other vehicle is

being repaired, serviced or replaced."

Section 23. TEMPORARY PROVISION.--In taxable years 2013

through 2015, a taxpayer may carry forward amounts resulting

from angel investment credits claimed and approved for

qualified investments made in the calendar year 2009, 2010 or

2011.

Section 24. DELAYED REPEAL.--Section 1 of this act is

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repealed effective January 1, 2013.

Section 25. REPEAL.--Laws 2004, Chapter 15, Section 2

is repealed.

Section 26. CONTINUED APPLICABILITY OF RURAL JOB TAX

CREDIT.--The balance of a rural job tax credit granted by and

remaining on a tax credit document issued prior to July 1,

2006 may be applied after that date in the manner provided in

Section 2 of this act against a holder's modified combined tax

liability or personal income tax or corporate income tax

liability.

Section 27. APPLICABILITY OF RURAL JOB TAX CREDIT.--The

provisions of Section 2 of this act apply to tax returns filed

on or after the effective date of that section:

A. for rural job tax credit claims against a

taxpayer's modified combined tax liability, for qualified jobs

created in the calendar quarters beginning on or after July 1,

2006; and

B. for rural job tax credit claims against a

taxpayer's personal income tax liability or corporate income

tax liability, for qualified jobs created in taxable years

beginning on or after January 1, 2006.

Section 28. APPLICABILITY.--The provisions of Sections

1, 3 and 4 of this act apply to taxable years beginning on or

after January 1, 2007.

Section 29. CONTINGENT EFFECTIVE DATE--NOTIFICATION.--

The effective date of the provisions of Sections 12 and 13 of

this act is July 1, 2009, provided that prior to January 1,

2009, the economic development department certifies to the

taxation and revenue department that construction of a

railroad locomotive refueling facility project in Dona Ana

county has commenced, including land acquisition, acquisition

of all necessary permits and commencement of actual

construction. The taxation and revenue department shall

notify the New Mexico compilation commission and the director

of the legislative council service prior to July 1, 2009 as to

whether the certification from the economic development

department has been received.

Section 30. EFFECTIVE DATE.--The effective date of the

provisions of Sections 3 through 5, 7 through 11 and 14

through 22 of this act is July 1, 2007.

Section 31. EMERGENCY.--It is necessary for the public

peace, health and safety that this act take effect

immediately.

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