Bill > HB94

This bill creates a new deduction for New Mexico's Gross Receipts and Compensating Tax Act, allowing businesses that are not national laboratories or their operators to deduct receipts from sales of qualified research and development services and directed energy and satellite-related products to the U.S. Department of Defense. This deduction, which applies for a ten-year period from July 1, 2015, to June 30, 2025, aims to encourage technological advancement, boost the directed energy and satellite industries, attract new businesses and jobs to the state, and increase high-tech employment. "Directed energy" refers to systems using the frequency spectrum, while "inputs" encompass various components and services related to directed energy or satellites. The bill mandates that taxpayers report these deductions separately, and the state's tax and economic development departments will produce annual reports to assess the deduction's effectiveness and cost, presenting their findings to legislative committees.