NM
New Mexico House Bill HB421

New Mexico 2025 Regular Session

New Mexico House Bill HB421 Compare Versions

Only one version of the bill is available at this time.
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2828 HOUSE BILL 421
2929 57
3030 TH LEGISLATURE
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4242 FIRST SESSION
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4545 2025
4646 INTRODUCED BY
4747 Linda Serrato
4848 AN ACT
4949 RELATING TO BUSINESS; ENACTING THE BUSINESS SECURITY ASSISTANCE
5050 ACT; PROVIDING DEFINITIONS; REQUIRING RULEMAKING; PROVIDING
5151 REBATE PAYMENTS TO CERTIFIED VENDORS THAT SELL DISCOUNTED
5252 SECURITY EQUIPMENT OR SECURITY SERVICES TO BUSINESSES; CREATING
5353 THE BUSINESS SECURITY ASSISTANCE FUND; CREATING A GROSS
5454 RECEIPTS TAX DEDUCTION FOR SALES OF SECURITY EQUIPMENT AND
5555 SERVICES; PROVIDING A DELAYED REPEAL; MAKING A TRANSFER FROM
5656 THE GENERAL FUND TO THE BUSINESS SECURITY ASSISTANCE FUND;
5757 MAKING APPROPRIATIONS.
5858 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
5959 SECTION 1. [NEW MATERIAL] SHORT TITLE.--Sections 1
6060 through 6 of this act may be cited as the "Business Security
6161 Assistance Act".
6262 SECTION 2. [NEW MATERIAL] DEFINITIONS.--As used in the
6363 .229518.3GLG underscored material = new
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9090 Business Security Assistance Act:
9191 A. "business" means a physical, nonresidential
9292 location where business is conducted, including a real estate
9393 development site or other space;
9494 B. "certified vendor" means a business incorporated
9595 under the Business Corporation Act and doing business in New
9696 Mexico that sells security equipment or provides security
9797 services that is certified by the department;
9898 C. "department" means the regulation and licensing
9999 department;
100100 D. "security equipment":
101101 (1) means:
102102 (a) an installed physical barrier that
103103 is intended to reduce the ability of a person to enter a
104104 business or remove objects from a business without permission
105105 of the business owner, including a fence, security door or
106106 window bar; and
107107 (b) a device that senses or records
108108 activity at a business or the area surrounding a business by
109109 changes in chemistry, heat, pressure, sound or visual imagery
110110 for purposes of detecting unauthorized persons entering the
111111 business; and
112112 (2) does not mean a drone or a retail shelf,
113113 also known as a "smart shelf", that uses digital technology to
114114 track inventory; and
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143143 E. "security service" means a professional
144144 monitoring service provided by a private patrol company
145145 licensed pursuant to the Private Investigations Act.
146146 SECTION 3. [NEW MATERIAL] PERFORMANCE REQUIREMENTS--
147147 VENDOR CERTIFICATION.--The department shall:
148148 A. determine the performance requirements for
149149 security equipment by rule, including:
150150 (1) the required strength, durability and
151151 impact resistance of a physical barrier; and
152152 (2) the sensitivity and range of area
153153 detection for monitoring devices; and
154154 B. certify vendors as eligible to receive a rebate
155155 for providing discounted security equipment or security
156156 services.
157157 SECTION 4. [NEW MATERIAL] REBATE FOR SELLING DISCOUNTED
158158 SECURITY EQUIPMENT AND SERVICES.--
159159 A. A certified vendor that sells security equipment
160160 or security services discounted by at least twenty-five percent
161161 to the owner of a business may receive a rebate payment in an
162162 amount equal to a twenty-five percent discount in the sale
163163 price; provided that the total aggregate amount of the rebate
164164 for sales made to the same business shall not exceed twenty-
165165 five thousand dollars ($25,000); and provided further that
166166 sufficient funding is available to pay the rebate from the
167167 business security assistance fund.
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196196 B. A certified vendor may apply to the department
197197 for a rebate on or before September 1 of each year on forms and
198198 in a manner prescribed by the department. Applications shall
199199 be considered in the order received.
200200 C. Subject to availability of funds in the business
201201 security assistance fund, rebate payments shall be paid to
202202 certified vendors that meet the requirements to receive a
203203 rebate on or before December 1 following the date the
204204 application is received.
205205 SECTION 5. [NEW MATERIAL] BUSINESS SECURITY ASSISTANCE
206206 FUND CREATED--DISBURSEMENTS.--The "business security assistance
207207 fund" is created as a nonreverting fund in the state treasury.
208208 The fund consists of appropriations, gifts, donations, grants
209209 and interest on the money in the fund. The department shall
210210 administer the fund, and money in the fund is appropriated to
211211 the department to provide rebates pursuant to Section 4 of the
212212 Business Security Assistance Act. Disbursements from the fund
213213 shall be made by warrant of the secretary of finance and
214214 administration pursuant to vouchers signed by the
215215 superintendent of regulation and licensing.
216216 SECTION 6. [NEW MATERIAL] REPORTS.--On or before December
217217 1 of each year, the department shall submit a report to the
218218 legislative finance committee detailing the status of the
219219 business security assistance fund and the number of businesses
220220 that received a discounted sale of security equipment or a
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249249 security service.
250250 SECTION 7. A new section of the Gross Receipts and
251251 Compensating Tax Act is enacted to read:
252252 "[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS--SECURITY
253253 SERVICES AND EQUIPMENT.--
254254 A. A certified vendor's receipts from the selling
255255 of discounted security equipment or security services to a
256256 business to improve security at a physical, nonresidential
257257 location in New Mexico where business is conducted, including a
258258 real estate development site or other space, may be deducted
259259 from gross receipts.
260260 B. A taxpayer allowed a deduction pursuant to this
261261 section shall report the amount of the deduction separately in
262262 a manner required by the department.
263263 C. The deduction provided by this section shall be
264264 included in the tax expenditure budget pursuant to Section
265265 7-1-84 NMSA 1978, including the annual aggregate cost of the
266266 deduction.
267267 D. As used in this section:
268268 (1) "certified vendor" means a business
269269 incorporated under the Business Corporation Act and doing
270270 business in New Mexico that is certified by the regulation and
271271 licensing department to sell discounted security equipment or
272272 services pursuant to the Business Security Assistance Act;
273273 (2) "security equipment" means "security
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302302 equipment", as defined in the Business Security Assistance Act;
303303 and
304304 (3) "security service" means professional
305305 monitoring services provided by a private patrol company
306306 licensed pursuant to the Private Investigations Act."
307307 SECTION 8. TRANSFER.--One hundred million dollars
308308 ($100,000,000) is transferred from the general fund to the
309309 business security assistance fund.
310310 SECTION 9. APPROPRIATION.--One million dollars
311311 ($1,000,000) is appropriated from the general fund to the
312312 regulation and licensing department for expenditure in fiscal
313313 year 2026 and subsequent fiscal years to implement the Business
314314 Security Assistance Act. Any unexpended or unencumbered
315315 balance remaining at the end of a fiscal year shall not revert
316316 to the general fund.
317317 SECTION 10. DELAYED REPEAL.--Sections 1 through 7 of this
318318 act are repealed effective July 1, 2028.
319319 SECTION 11. EFFECTIVE DATE.--The effective date of the
320320 provisions of this act is July 1, 2025.
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