Bill > SB99

This bill allows businesses to deduct receipts from the sale of specific cybersecurity devices from their gross receipts, which is a tax on the total amount of money a business receives. This deduction, in effect until July 1, 2025, applies to port locking devices, port monitoring devices, and port monitoring software applications, all of which are designed to protect computer systems and networks by controlling access to ports and monitoring removable media. The purpose of this tax break is to encourage cybersecurity companies to relocate to New Mexico and create jobs in the state. Businesses claiming this deduction must report it separately, and the state will track its effectiveness through annual reports to legislative committees, analyzing the number of taxpayers, the total deductions, and whether the deduction is achieving its goal of promoting cybersecurity job growth. The bill also defines these cybersecurity devices, noting they must meet certain federal security standards.