New Mexico Disclosure Regimes

State Year of Disclosure Law Specific Subsidy Program Affected by Law
(*Means Update to Earlier Law)		 Disclosure Law State Statute Excerpt Subsidies in Sample? (Y/N) Internal Disclosure? (Y/N) External Disclosure? (Y/N)
New Mexico 1983 General Economic Development Act 1983, ch. 297, § 2; 1991, ch. 21, § 10. N.M. Stat. Ann. § 9-15-2 A. The legislature finds that a need exists for economic diversification in the state in order to protect against dramatic changes in the state’s economy and to increase revenues to help state government finance the various services it provides to the state’s communities and citizens.
B. The legislature further finds that the goal of economic development and diversification can best be accomplished by creating a cabinet-level department which will be concerned solely with the areas of economic development and diversification, business recruitment, expansion and retention.
C. The purpose of the Economic Development Department Act [9-15-1 to 9-15-36 NMSA 1978] is to create a cabinet-level department in order to:
(1) provide a coordinated statewide perspective with regard to economic development activities;
(2) provide a data base for local and regional economic development groups and serve as a comprehensive source of information and assistance to businesses wishing to locate or expand in New Mexico;
(3) actively encourage new economic enterprises to locate in New Mexico and assist existing businesses to expand;
(4) monitor the progress of state-supported economic development activities and prepare annual reports of such activities, their status and their impact;
(5) create and encourage methods designed to provide rapid economic diversification development that will create new employment opportunities for the citizens of the state, including the issuance of grants and loans to municipalities and counties for economic enhancement projects;
(6) provide for technology commercialization projects as an incentive to industry locating or expanding in the state;
(7) support technology transfer programs;
(8) promote New Mexico as a technology conference center;
(9) promote and market federal and state technology commercialization programs;
(10) develop and implement enhanced statewide procurement programs; and
(11) provide support and assistance in the creation and operation of development finance mechanisms such as business development corporations and the industrial and agricultural finance authorities in order to insure capital availability for business expansion and economic diversification		 N N Y
New Mexico 1991 General Economic Development Act 1983, ch. 297, § 2; 1991, ch. 21, § 10. N.M. Stat. Ann. § 9-15-2 A. The legislature finds that a need exists for economic diversification in the state in order to protect against dramatic changes in the state’s economy and to increase revenues to help state government finance the various services it provides to the state’s communities and citizens.
B. The legislature further finds that the goal of economic development and diversification can best be accomplished by creating a cabinet-level department which will be concerned solely with the areas of economic development and diversification, business recruitment, expansion and retention.
C. The purpose of the Economic Development Department Act [9-15-1 to 9-15-36 NMSA 1978] is to create a cabinet-level department in order to:
(1) provide a coordinated statewide perspective with regard to economic development activities;
(2) provide a data base for local and regional economic development groups and serve as a comprehensive source of information and assistance to businesses wishing to locate or expand in New Mexico;
(3) actively encourage new economic enterprises to locate in New Mexico and assist existing businesses to expand;
(4) monitor the progress of state-supported economic development activities and prepare annual reports of such activities, their status and their impact;
(5) create and encourage methods designed to provide rapid economic diversification development that will create new employment opportunities for the citizens of the state, including the issuance of grants and loans to municipalities and counties for economic enhancement projects;
(6) provide for technology commercialization projects as an incentive to industry locating or expanding in the state;
(7) support technology transfer programs;
(8) promote New Mexico as a technology conference center;
(9) promote and market federal and state technology commercialization programs;
(10) develop and implement enhanced statewide procurement programs; and
(11) provide support and assistance in the creation and operation of development finance mechanisms such as business development corporations and the industrial and agricultural finance authorities in order to insure capital availability for business expansion and economic diversification		 N N Y
New Mexico 1993 Enterprise Zones 1993, ch. 33, § 8. N.M. Stat. Ann. § 5-9-8 It is the purpose of the Enterprise Zone Act to provide for the establishment of enterprise zones in a wide variety of geographic areas in order to stimulate the creation of new jobs, particularly for economically disadvantaged workers and long-term unemployed individuals, and to promote revitalization of economically distressed areas by providing or encouraging:
A. tax relief at the state and local levels;

B. zoning relief at the local level; and

C. improvement of local services and betterment of the economic status of enterprise zone residents in their own community, particularly through the increased involvement of private, local and neighborhood organizations.

Section 8. EVALUATION AND REPORTING REQUIREMENTS. -- The local government that designated an enterprise zone shall make an annual progress report to the secretary of economic development due on the second Friday of January in the next calendar year including the following:
A. the number of new jobs created within the enterprise zone;

B. the percentage of jobs filled by economically disadvantaged workers and the percentage of long-term unemployed workers within the enterprise zone;

C. the local and private entity commitments and degree of compliance;

D. compliance with the enterprise zone plan;

E. the impact of the creation of the enterprise zone on the level of distress in the zone; and

F. new dollar investments in the enterprise zone for new or expanded business opportunities.		 N N Y
New Mexico 1999 Workforce Development Incentives 1999, ch. 260, § 4; N.M. Stat. Ann. § 50-14-4 A. The "state workforce development board" is created. The board consists of members as provided in the federal Workforce Investment Act of 1998 as follows:

B. The board shall also:

(1) review, evaluate and report annually on the performance of all workforce development activities administered by state agencies involved with workforce development;

(2) develop linkages with the state board of education to ensure coordination and nonduplication of vocational education, apprenticeship, adult education and vocational rehabilitation programs with other workforce development and training programs; and

(3) provide policy advice regarding the application of federal or state law that pertains to workforce development.

C. All state agencies involved in workforce development activities shall annually submit to the board for its review and potential inclusion in the five-year plan their goals, objectives and policies. The plan shall include recommendations to the legislature on the modification, consolidation, initiation or elimination of workforce training and education programs in the state.		 N N Y
New Mexico 2001 Investment Tax Credit 2001, ch. 57, § 2 and Laws 2001, ch. 337, § 2. N.M. Stat. Ann. § 7-9A-2.1 "LEGISLATIVE OVERSIGHT.--The interim revenue stabilization and tax policy committee during the 2005 interim shall conduct a review of the use of the investment credit and the effectiveness of the credit in meeting the state's economic development and tax policy objectives. Following the study, the committee shall determine whether changes are necessary in the Investment Credit Act and report its findings and recommendations to the second session of the forty-seventh legislature." N N Y
New Mexico 2003 Film Production Tax Credit 2003, ch. 127, § 1; Laws 2003, ch. 97, § 1; N.M. Stat. Ann. § 9-15-4.1 F. The governor’s council on film and media industries shall report to the department, the governor and the legislature by December 1 of each year on its activities and recommendations. N N Y
New Mexico 2004 Clean Energy Grants Laws 2004, ch. 55, § 6. N.M. Stat. Ann. § 71-7-6 PURPOSE.--The Advanced Energy Technologies Economic Development Act provides funds to stimulate the market for and promote the statewide utilization of advanced energy technologies. That act further provides for a targeted program that advances the creation of a hydrogen and fuel cell industry cluster. The "clean energy grants fund" is created in the state treasury. The fund shall consist of money appropriated and transferred to the fund and tax revenues distributed to the fund by law. he secretary shall establish the clean energy grants program to provide clean energy grants to:

(1) municipalities and county governments;

(2) state agencies;

(3) state universities;

(4) public schools;

(5) post-secondary educational institutions; and

(6) Indian nations, tribes and pueblos.

he department shall report on disbursements made from the fund to the legislative finance committee prior to each regular legislative session. The report shall include:

(1) a list of recipients receiving disbursements;

(2) the amount of each disbursement;

(3) the date of each disbursement;

(4) a description of each project or expansion funded with a disbursement;

(5) a description of each project's contribution to the state's knowledge and use of clean energy technologies; and

(6) a description of the extent to which the grants program is benefitting the state's environment, public health and economic development.		 N N Y
New Mexico 2005 Workforce Development Board* 2005, ch. 111, § 6. N.M. Stat. Ann. § 50-14-4 A. The office shall:

(1) provide technical, administrative and fiscal agent support to the board;

(2) develop a unified, comprehensive plan for streamlining and integrating employment training programs, including the consolidation of all employment training programs, into the office. The office shall report annually to the governor and the legislature generally the progress and effectiveness of the workforce development system no later than September 1;		 Y N Y
New Mexico 2007 Laboratory Partnership with Small Business Tax Credit Laws 2007, ch. 172, § 20. N.M. Stat. Ann. § 7-9E-11 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;

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."

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 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 credit."
 N N Y
New Mexico 2007 Rural Jobs Tax Credit 2007, ch. 172, § 2; N.M. Stat. Ann. § 7-2E-1.1 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 economic development department shall determine which employers are eligible employers and shall report the listing of eligible businesses to the taxation and revenue department in a manner and at times the departments shall agree upon.
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.		 N N Y
New Mexico 2008 High Wage Jobs Tax Credit 2008, ch. 27, § 1; N.M. Stat. Ann. § 7-2E-1.1 Augments earlier 2004 credit.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".

H. The economic development department shall report to the appropriate interim legislative committee before November 1 of each year the cost of this tax credit to the state and its impact on company recruitment and job creation.
 N N Y
New Mexico 2009 Main Street Revolving Loan 2009, ch. 185, § 3 N.M. Stat. Ann. § 3-60C-4 The purpose of the Main Street Revolving Loan Act is to provide owners of eligible properties with low-cost financial assistance, through the creation of a self-sustaining revolving loan program, in the restoration, rehabilitation and repair of those properties if they meet certain eligibility criteria and would contribute substantially to the state's economic well-being and to a sound and proper balance between preservation and development.

E. The division shall:
(1) review applications for loans and loan subsidies and make recommendations to the committee;
(2) administer all loans and loan subsidies;
(3) serve as staff to the committee; and;
(4) report annually to the governor, the legislative finance committee and the legislature on loans made, loan payments received and all other activities conducted pursuant to the Main Street Revolving Loan Act."		 N N Y
New Mexico 2010 General Incentives Law Laws 2010, ch. 87, § 1. N.M. Stat. Ann. § 9-15-56 A. An economic development tax incentive shall include in the enabling statute the following minimum provisions:
(1) a statement of purpose;
(2) the designation of a responsible agency to establish measurable policy goals, track state expenditures, quantify the state’s return on investment and report regularly to the interim revenue stabilization and tax policy committee and the legislative finance committee;
(3) a requirement that the economic development department track job creation;
(4) specific standards for the taxpayer to qualify for the incentive;
(5) reporting requirements for the taxpayer;
(6) a description of the financial obligation of the taxpayer if the specific standards are not met; and
(7) a mandatory review of the incentive no more than every seven years.
B. The economic development department shall publish annually an aggregate list of the economic development tax incentives used by each taxpayer.
C. For the purposes of this section, “economic development tax incentive” means a credit, deduction, rebate, exemption or other tax benefit for the primary purpose of promoting economic development or offering an advantage to a particular industry or type of business to do business in New Mexico.
D. Nothing in this section shall be construed to conflict with current confidentiality rules or statutes.		 N Y N
New Mexico 2011 Flim Production Tax Credit 2011, ch. 165, § 1; 2011, ch. 177, § 2; N.M. Stat. Ann. § 7-2F-1, 7-2F-4, The 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. The division shall also post on its web site all information provided by the film production company that does not reveal revenue, income or other information that may jeopardize the confidentiality of income tax returns, including that the division shall report monthly the projected amount of credit claims for the fiscal year.
M. To provide guidance to film production companies regarding the amount of credit capacity remaining in the fiscal year, the taxation and revenue department shall post monthly on that department’s web site the aggregate amount of credits claimed and processed for the fiscal year.
REPORTING--ACCOUNTABILITY.--

A. The economic development department shall:
(1) collect data to be used in an econometric tool that objectively assesses the effectiveness of the film production tax credit;
(2) track the direct expenditures for the film production tax credit;
(3) with the support and assistance of the legislative finance committee staff and the taxation and revenue department, review and assess the analysis developed in Paragraph (1) of this subsection and create a report for presentation to the revenue stabilization and tax policy committee and the legislative finance committee that provides an objective assessment of the effectiveness of the film production tax credit; and
(4) report annually to the revenue stabilization and tax policy committee and the legislative finance committee on aggregate approved tax credits made pursuant to the Film Production Tax Credit Act.
B. The division shall develop a form on which the taxpayer claiming a film production tax credit pursuant to the Film Production Tax Credit Act shall submit a report to accompany the taxpayer’s application for that credit.
C. With respect to the film on which the application for a film production tax credit is based, the film production company shall report to the division at a minimum the following information:
(1) the total aggregate wages of the members of the New Mexico resident crew;
(2) the number of New Mexico residents employed;
(3) the total amount of gross receipts taxes paid;
(4) the total number of hours worked by New Mexico residents;
(5) the total expenditures made in New Mexico that do not qualify for the film production tax credit;
(6) the aggregate wages paid to the members of the nonresident crew while working in New Mexico; and
(7) other information deemed necessary by the division and economic development department to determine the effectiveness of the film production tax credit.
D. For purposes of assessing the effectiveness of the film production tax credit, the inability of the economic development department to aggregate data due to sample size shall not relieve the department of the requirement to report all relevant data to the legislature. The division shall provide notice to a film production company applying for the film production tax credit that information provided to the division may be revealed by the department in reports to the legislature."		 Y Y Y
New Mexico 2011 Revolving Funds 2011, ch. 150, §§ 1, 2; N.M. Stat. Ann. § 6-25-6 G. The authority shall report no less than quarterly to the legislature and the New Mexico finance authority oversight committee on applications considered by the authority for funding of standard projects; on projects approved for funding by the authority; and on the status of the economic development revolving fund, pursuant to rules of the authority approved by the New Mexico finance authority oversight committee." N N Y
New Mexico 2013 Revolving Funds* 2013, ch. 106, §§ 1, 2 N.M. Stat. Ann. § 6-25-6 G. The authority shall report to the New Mexico finance authority oversight committee twice each year regarding the total expenditures from the economic development revolving fund for the previous fiscal year, the purposes for which expenditures were made, an analysis of the progress of the projects funded and proposals for legislative action." N N Y
New Mexico 2014 Economic Development Grant Program 2014, ch. 58, § 4, effective March 10, 2014 N.M. Stat. Ann. §  6-31-4, 6-31-5 The purpose of the Economic Development Grant Act is to provide matching state grants to local and regional economic development agencies to expand the economic development and job-creation capacities of those agencies through employment of economic development professionals.

The commission shall:
(5) monitor local and regional economic development agencies’ use of grant money by reviewing annual reports submitted by those agencies to the commission to ensure that grants are used consistently with the agencies’ grant applications; and

A local or regional economic development agency may submit an application to the commission for an economic development grant. An applying agency shall comply with deadlines and guidelines published by the commission.

During the time that one or more economic development professionals are employed by a local or regional economic development agency using grant money, the agency shall report annually to the commission. A report shall include:
(1) the name, dates of employment and professional credentials of each economic development professional employed by the local or regional economic development agency using grant money; and
(2) detailed information about each economic development professional’s role and contributions to the local or regional economic development agency, including:
(a) new jobs in the agency’s local area or region or in the state that are attributable to the professional’s efforts;
(b) the number of cases that the professional completed;
(c) the number of cases that the professional managed;
(d) the number of job-creation leads generated by the professional; and
(e) the number of job-creation projects sourced through the professional’s marketing efforts.

Creates oversight committee known as the Economic Development Commission:

The “economic development commission” is created. The commission shall be a planning commission administratively attached to the department.
B. The commission shall:
(1) provide advice to the department on policy matters;
(2) oversee the economic development grant program as provided in the Economic Development Grant Act;
(3) review and approve applications for matching grants and award grants pursuant to the Economic Development Grant Act; and
(4) be responsible for the annual approval and update of the state’s five-year economic development plan.
 N N Y
New Mexico 2015 Film and Television Tax Credit* 2015, ch. 143, § 1, effective June 19, 2015; N.M. Stat. Ann. § 7-2F-1, 7-2F-4, 7-2F-6, 7-2F-13 The tax credit created by this section may be referred to as the “film and television tax credit”.

The division shall also post on its web site all information provided by the film production company that does not reveal revenue, income or other information that may jeopardize the confidentiality of income tax returns, including that the division shall report quarterly the projected amount of credit claims for the fiscal year.
H. To provide guidance to film production companies regarding the amount of credit capacity remaining in the fiscal year, the taxation and revenue department shall post monthly on that department’s web site the aggregate amount of credits claimed and processed for the fiscal year.		 N Y Y
New Mexico 2019 New Film Production Tax Credit* 2019, ch. 87, § 3, effective June 14, 2019. N.M. Stat. Ann. § 7-2F-1, 7-2F-4, 7-2F-6, 7-2F-13 A. The tax credit created by this section may be referred to as the “new film production tax credit”.

The division, in consultation with the taxation and revenue department, shall determine the eligibility of the film production 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. The division shall also post on its website all information provided by the film production company that does not reveal revenue, income or other information that may jeopardize the confidentiality of income tax returns.

 N Y Y
New Mexico 2021 Reimbursement from State Gross Receipts and State Compensating Tax 2021, (1st S.S.) ch. 2, § 2, effective April 7, 2021. N.M. Stat. Ann. § 5-10-17 A qualifying entity that meets the following requirements may receive public support for the qualifying entity’s economic development project from funds in the Local Economic Development Act [Chapter 5, Article 10 NMSA 1978] fund pursuant to Subsection B of Section 5-10-14 NMSA 1978 in an amount equal to fifty percent of the net receipts attributable to the state gross receipts tax and state compensating tax imposed on the expenses related to the construction of the qualifying entity’s project, as determined by the department, related to the economic development project and the amount dedicated pursuant to Subsection B of this section; provided that the public support shall be provided for a period of no more than ten years, beginning on the date the applicable project participation agreement with the qualifying entity is executed.

Within thirty days after execution of a project participation agreement with a qualifying entity, the department shall issue a report to the department of finance and administration and the legislative finance committee that shall identify the qualifying entity intended to receive public support pursuant to this section, the estimated expenses related to the construction of the qualifying entity’s project as determined by the department, the location of the project, the amount of public support pledged by the department and each local government for the project pursuant to this section and the amount of any other public support pledged for the project pursuant to the Local Economic Development Act.		 N N Y
New Mexico 2021 Rent, Lease, and Mortgage Recovery Grants 2021, ch. 3, § 10, effective February 26, 2021. N.M. Stat. Ann. § 5-10-16 The authority shall require documentation from applicants of employment levels and rent, lease and mortgage payments for taxable year 2020 and subsequent taxable years in which a recovery entity applies for a recovery grant.
. To receive a recovery grant, a recovery entity shall agree to:
(1) use the proceeds of the recovery grant for reimbursement of rent, lease or mortgage obligations of the recovery entity for its business locations within the state of New Mexico;
(2) provide a written certification signed by an appropriate officer of the recovery entity
Up to one hundred thousand dollars ($100,000) in a recovery grant may be provided to each recovery entity in quarterly payments in an amount of up to twenty-five percent of the total amount of the recovery grant awarded to the recovery entity.

The department and the authority shall submit an annual report in each year of 2021 through 2023 to the legislature, the legislative finance committee, the New Mexico finance authority oversight committee, the revenue stabilization and tax policy committee and the interim legislative committee concerning economic and rural development. The report shall provide information regarding recovery grants made pursuant to this section. The report shall include:
(1) the total dollar value of recovery grants made to date, along with breakouts of disbursements by quarterly payment number;
(2) the number of recovery entities assisted, in total and by county;
(3) the total number of new jobs created and the total number of employees currently employed by recovery entities that received grants;
(4) the total projected annual payroll for the jobs created;
(5) the total number of recovery grant applications;
(6) the number of recovery entities, if any, that received initial payments but were determined to be ineligible for additional quarterly payments; and
(7) an overview of the industries and types of business entities represented by recovery entities that received recovery grants.
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