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.
History: Laws 2010, ch. 87, § 1.
ANNOTATIONSEffective dates. — Laws 2010, ch. 87 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 19, 2010, 90 days after the adjournment of the legislature.