Bill > SB332

This bill extends a tax deduction for "trade-support companies," which are defined as customs brokerage firms or freight forwarders, operating within twenty miles of New Mexico's border with Mexico. Previously, these companies could claim this deduction if they located in New Mexico between July 1, 2003, and July 1, 2013, and met certain employment criteria. This bill amends the law to allow companies that locate in New Mexico within this border zone between July 1, 2015, and July 1, 2021, to also qualify for the deduction, which applies to their gross receipts derived from business activities at their border zone location for a period of five years, provided they employ at least two individuals who are not closely related to the business owner or are not dependents. Additionally, the bill mandates that taxpayers claiming this deduction must report it separately, and the Department of Taxation and Revenue will compile annual reports on the deduction's effectiveness, including the number of companies receiving it and the total amount deducted, and present these reports to legislative committees every four years starting in 2016.