Bill > SB448

This bill extends the deadline for a tax deduction on gross receipts related to military transformational acquisition programs. Specifically, it amends existing law to allow receipts from programs involved in research, development, testing, and evaluation at New Mexico's major range and test facility bases, under contract with the U.S. Department of Defense, to be deducted from gross receipts until June 30, 2025. A "transformational acquisition program" is defined as a military acquisition program approved by the office of the secretary of defense for force transformation, which was not physically tested in New Mexico before July 1, 2005. This deduction does not apply to prime contractors operating national laboratories or to existing force programs as of July 1, 2005. The bill also mandates that the department compile an annual report on this deduction.