HB0156

HOUSE BILL 156

50th legislature - STATE OF NEW MEXICO - first session, 2011

INTRODUCED BY

Eleanor Chavez

AN ACT

RELATING TO GOVERNMENT TRANSPARENCY; ENACTING THE BUDGET AND CORPORATE TRANSPARENCY ACT; REQUIRING CORPORATIONS TO PUBLICLY DISCLOSE THEIR AMOUNT OF CORPORATE INCOME TAX LIABILITY, ECONOMIC DEVELOPMENT TAX INCENTIVES, EMPLOYEES IN NEW MEXICO AND CERTAIN TAX RETURN INFORMATION; REQUIRING PUBLIC NOTICE AND HEARING FOR PUBLIC DEVELOPMENT SUBSIDIES AND GOVERNMENT CONTRACTS OF TWENTY-FIVE THOUSAND DOLLARS ($25,000) OR MORE; REQUIRING UNIFORM REPORTS ON DEVELOPMENT SUBSIDIES, GOVERNMENT CONTRACTS, TAX EXPENDITURES AND PROPERTY TAX REDUCTIONS AND ABATEMENTS; PROVIDING FOR PUBLIC ACCESS TO UNIFORM REPORTS; PROVIDING FOR A CIVIL PRIVATE RIGHT OF ACTION TO ENFORCE TRANSPARENCY.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

SECTION 1. SHORT TITLE.--This act may be cited as the "Budget and Corporate Transparency Act".

SECTION 2. DEFINITIONS.--As used in the Budget and Corporate Transparency Act:

A. "consulting services" means work that a person, other than an employee of a contracting agency, does for or on behalf of a state or local agency in return for compensation pursuant to the terms of a contract and includes:

(1) performing or providing research, analysis, assessments, data processing or computer programming, training or education, accounting, audits or evaluations, treatment or security;

(2) giving professional advice or recommendations;

(3) designing business or communications processes, procedures, methods or strategies; or

(4) work related to the functions of the contracting agency;

B. "contract" means an agreement outlining a transaction between an entity and the state or a political subdivision of the state to perform a specific service for compensation with an expenditure of public funds of at least twenty-five thousand dollars ($25,000);

C. "contracting agency" means an agency of the state or a local government unit that awards a contract;

D. "contractor" means a person other than a regular employee of a contracting agency who performs work for or on behalf of the contracting agency in return for compensation provided under the terms of a contract;

E. "corporate parent" means a person, association, corporation, joint venture, partnership or other entity that owns or controls fifty percent or more of a corporation;

F. "corporation" means corporations, joint stock companies, real estate trusts organized and operated under the Real Estate Trust Act, banks, financial corporations and other business associations, partnerships and limited liability companies taxed as corporations under the federal Internal Revenue Code of 1986;

G. "date of subsidy" means the date that a granting body provides the initial monetary value of a development subsidy to a recipient corporation. When the subsidy is for the installation of new equipment, the date of subsidy shall be the date the equipment is in service. When the subsidy is for improvements to property, the date of subsidy shall be the date the improvements are completed, or the date the corporation occupies the property, whichever date is earlier;

H. "development subsidy" means any expenditure of public funds with a value of at least twenty-five thousand dollars ($25,000) for the purpose of stimulating economic development within New Mexico, including bonds, grants, loans, loan guarantees, enterprise zones, empowerment zones, tax increment financing, fee waivers, land price subsidies, matching funds, tax abatements, tax exemptions and tax credits;

I. "doing business" means:

(1) owning or renting real or tangible personal property physically located in New Mexico;

(2) having employees, agents or representatives acting on the corporation's behalf in New Mexico;

(3) making sales of tangible personal property to purchasers that take possession of that property in New Mexico;

(4) performing services for customers located in New Mexico;

(5) performing services in New Mexico;

(6) earning income from intangible property that has a business site in New Mexico;

(7) engaging in regular and systematic solicitation of sales in New Mexico; or

(8) being a partner or member of a partnership or limited liability company engaged in an activity described in Paragraphs (1) through (7) of this subsection;

J. "full-time employment" means employing an individual for at least thirty-five hours per week;

K. "granting body" means an agency, board, office, public benefit corporation or authority of the state or a local government unit that provides a development subsidy;

L. "local government unit" means an agency, board, commission, office, public benefit corporation or public authority of a political subdivision of the state;

M. "part-time employment" means employing an individual for less than thirty-five hours per week;

N. "project site" means the site of a project for which or location where a development subsidy is provided;

O. "property-taxing entity" means an entity that levies taxes upon real or personal property;

P. "recipient contractor" means a person, association, corporation, joint venture, partnership or other entity that is awarded a contract bid by a contracting agency;

Q. "recipient corporation" means a person, association, corporation, joint venture, partnership or other entity that may receive a development subsidy;

R. "small business" means a corporation, including subsidiaries, corporate parent and corporate parent subsidiaries, whose:

(1) total full-time employment is twenty or fewer employees; or

(2) total gross receipts are less than one million dollars ($1,000,000) during the preceding calendar year;

S. "subsidy value" means the face value of a development subsidy provided to a recipient corporation;

T. "tax expenditure" means a statutory provision, however denominated, that exempts certain persons, property, goods or services, in whole or in part, from the operation of a tax;

U. "tax expenditure budget" means a compilation of information and cost versus benefit analysis of the state's tax expenditures that includes the preceding, current and upcoming fiscal year; and

V. "temporary employment" means employing an individual for a season or for a limited period of time.

SECTION 3. APPLICATION FOR DEVELOPMENT SUBSIDIES.--

A. To be eligible for a development subsidy, a corporation shall submit to the granting body the information required by the economic development department to carry out the provisions of the Budget and Corporate Transparency Act. The economic development department shall prescribe the form on which a recipient corporation shall submit the information. The form shall at least include:

(1) a tracking number for the granting body and the project;

(2) the name, street and mailing address and phone number of the chief officer of the granting body;

(3) the name, street and mailing address and phone number of the chief officer of the recipient corporation;

(4) the name, street and mailing address and phone number of the chief officer of the corporate parent, if applicable;

(5) the name, street and mailing address and phone number of the official within the granting body responsible for monitoring the subsidy;

(6) the street address of the project site;

(7) the name, type, subsidy value and description of the development subsidy requested;

(8) the name of any other granting body from which a development subsidy is requested or obtained, the name, type and description of any other development subsidy requested or obtained and the aggregate subsidy value of all development subsidies requested or obtained from all sources;

(9) the three-digit North American industry classification system number of the project site;

(10) the total number of individuals employed by the recipient corporation at the project site on the date of submission, broken down by full-time, part-time and temporary employment;

(11) the total number of individuals employed in New Mexico by the recipient corporation, including subsidiaries, corporate parent and corporate parent subsidiaries, as of December 31 of the preceding fiscal year, broken down by full-time, part-time and temporary employment;

(12) the number of new jobs to be created by the recipient corporation at the project site, broken down by full-time, part-time and temporary employment;

(13) the average hourly wage to be paid to all current and new employees at the project site, broken down by full-time, part-time and temporary employment and further broken down by hourly wage in groups as follows: eight dollars ($8.00) or less per hour, eight dollars one cent ($8.01) to nine dollars ($9.00) per hour, nine dollars one cent ($9.01) to ten dollars ($10.00) per hour, ten dollars one cent ($10.01) to eleven dollars ($11.00) per hour, eleven dollars one cent ($11.01) to twelve dollars ($12.00) per hour, twelve dollars one cent ($12.01) to thirteen dollars ($13.00) per hour, thirteen dollars one cent ($13.01) to fourteen dollars ($14.00) per hour and fourteen dollars one cent ($14.01) or more per hour;

(14) the type and amount of health care coverage to be provided by the recipient corporation within ninety days of commencement of employment at the project site, including costs to be borne by the employee;

(15) the number of current employees provided health benefits;

(16) the number of current employees and anticipated new employees represented by collective bargaining;

(17) for project sites located in a metropolitan statistical area, as defined by the federal office of management and budget, the average hourly wage paid to nonmanagerial employees in New Mexico for the industries involved at the project, as established by the United States bureau of labor statistics;

(18) for project sites located outside of a metropolitan statistical area, as defined by the federal office of management and budget, the average weekly wage paid to nonmanagerial employees in the county for industries involved at the project, as established by the United States department of commerce;

(19) the rating of a certification that the project meets the green building and performance measures by an independent third party, if applicable;

(20) the start and end dates for the development subsidy;

(21) the project site's proximity to mass transit, a regional rail line or a major highway off-ramp;

(22) a statement indicating whether the development subsidy may reduce employment at any other site controlled by the recipient corporation, including subsidiaries, corporate parent and corporate parent subsidiaries resulting from automation, merger, acquisition, corporate restructuring or other business activity;

(23) a statement confirming the compliance with employment laws, including minimum wage, employee rights and affirmative action laws;

(24) a statement indicating whether the project involves the relocation of work from another address, the number of jobs to be relocated and the address from which the jobs are relocated;

(25) the projected net tax revenue accruing to the state and political subdivisions of the state as a result of the development subsidy;

(26) inclusion of any material documents necessary to ensure that the development subsidy is reasonably crafted and geared toward its public interest within a cofinanced or leveraged project, including insurance policies and rating agency reports; and

(27) an affidavit by the chief officer of the recipient corporation attesting to the accuracy of the information provided.

B. If the request for a development subsidy is approved, the granting body shall send a copy of the form to the economic development department within fifteen days of the approval. If the request for a development subsidy is not approved, the granting body shall retain the form in its records.

C. Before granting a development subsidy, a granting body shall provide public notice and a hearing regarding the development subsidy. A public hearing and notice pursuant to this subsection is not required if a hearing and notice regarding the development subsidy is otherwise required by law.

SECTION 4. APPLICATION FOR CONTRACT BID.--

A. To be eligible for a contract, a corporation shall submit to the contracting agency the information required by the department of finance and administration to carry out the provisions of the Budget and Corporate Transparency Act. The department of finance and administration shall prescribe the form on which a corporation shall submit the information. The form shall at least include:

(1) an application tracking number for the contracting agency and the contract;

(2) the name, street and mailing address and phone number of the chief officer of the contracting agency;

(3) the name, street and mailing address and phone number of the chief officer of the corporate parent, if applicable;

(4) the name, street and mailing address and phone number of the chief officer of the corporation seeking the contract;

(5) the name, street and mailing address, employer and employment category or job description of each person that will provide consulting services under the contract, including subcontractors;

(6) the name, street and mailing address and phone number of the official within the contracting agency responsible for monitoring the contract;

(7) the three-digit North American industry classification system number of the entity applying for a contract;

(8) the type of service required by the contract;

(9) the total number of individuals employed by the corporation on the date of submission, broken down by full-time, part-time and temporary employment;

(10) the total number of individuals employed in New Mexico by the corporation, including subsidiaries, corporate parent and corporate parent subsidiaries, as of December 31 of the preceding fiscal year, broken down by full-time, part-time and temporary employment;

(11) the contracts being applied for with the contracting agency, the value of the contracts, the name of any other contracting agencies being applied for or obtained and the aggregate value of all contracts being applied for or obtained from all sources;

(12) the number of contractors or subcontractors needed to perform required services, broken down by full-time, part-time and temporary employment;

(13) the types of services the contractor, subcontractor and any contract employee provide;

(14) the average hourly wage to be paid to each contractor, subcontractor and contract employee, broken down by full-time, part-time and temporary employment and further broken down by hourly wage groups as follows: eight dollars ($8.00) or less per hour, eight dollars one cent ($8.01) to nine dollars ($9.00) per hour, nine dollars one cent ($9.01) to ten dollars ($10.00) per hour, ten dollars one cent ($10.01) to eleven dollars ($11.00) per hour, eleven dollars one cent ($11.01) to twelve dollars ($12.00) per hour, twelve dollars one cent ($12.01) to thirteen dollars ($13.00) per hour, thirteen dollars one cent ($13.01) to fourteen dollars ($14.00) per hour and fourteen dollars one cent ($14.01) or more per hour;

(15) the number of hours each person, including each subcontractor and contract employee, is expected to work in providing consulting services to the contracting agency under the terms of the contract;

(16) the total compensation of each contractor and subcontractor;

(17) the type and amount of health care coverage to be provided by the corporation within ninety days of commencement of the contract, including costs to be borne by the employee;

(18) the number of contractors or subcontractors associated with the contract represented by collective bargaining;

(19) for applicants based in a metropolitan statistical area, as defined by the federal office of management and budget, the average hourly wage paid to nonmanagerial employees in New Mexico for the industries involved at the project, as established by the United States bureau of labor statistics;

(20) for applicants based outside of a metropolitan statistical area, as defined by the federal office of management and budget, the average weekly wage paid to nonmanagerial employees in the county for industries involved at the project, as established by the United States department of commerce;

(21) the start and end dates for the contract;

(22) a statement confirming compliance with labor laws, including minimum wage, employee rights and affirmative action laws;

(23) projected savings accruing to the contracting agency;

(24) projected total cost of the contract; and

(25) an affidavit by the chief officer of the corporation applying for the contract attesting to the accuracy of the information provided.

B. If the contracting agency awards the contract, it shall send a copy of the form to the department of finance and administration within fifteen days of awarding the contract. If the contract is not awarded, the granting body shall retain the form in its records.

C. Before approving a contract, each contracting agency shall provide public notice and a hearing regarding the contract. A public hearing and notice pursuant to this subsection is not required if a hearing and notice regarding the contract is otherwise required by law.

SECTION 5. ESTABLISHMENT OF MEASURABLE CONTRACT STANDARDS.--Before entering into a contract, a contracting agency shall establish measurable standards for assessing the quality of the goods or services, personal services, personal property, public improvements or public works, alterations, repairs or maintenance that a contractor will provide or perform under the contract. The contracting agency may develop the quality standards applicable to the contract in cooperation with or as a result of negotiations with the recipient contractor. Unless the contracting agency for good cause specifies otherwise, the quality standards shall not be less than the highest standards prevalent in the industry or business most closely involved in providing the appropriate goods or services, personal services, personal property, public improvements, public works, alterations, repairs or maintenance.

SECTION 6. DEVELOPMENT SUBSIDY--ANNUAL REPORTS--PENALTY.--

A. A granting body, together with the recipient corporation, shall complete an annual report for a development subsidy on a form prescribed by the economic development department no later than thirty days after the start of the fiscal year. The report shall provide information necessary to determine the effectiveness of the development subsidy in serving the public interest, including:

(1) the name, street and mailing address and phone number of the chief officer of the granting body;

(2) the name, street and mailing address and phone number of the chief officer of the recipient corporation;

(3) the name, street and mailing address and phone number of the official within the contracting agency responsible for monitoring the development subsidy;

(4) a summary of the number of jobs required, created and lost, broken down by full-time, part-time and temporary employment;

(5) the name, type and description of the development subsidy;

(6) the average hourly wage paid to all current and new employees at the project site, broken down by full-time, part-time and temporary positions and further broken down by hourly wage groups as follows: eight dollars ($8.00) or less per hour, eight dollars one cent ($8.01) to nine dollars ($9.00) per hour, nine dollars one cent ($9.01) to ten dollars ($10.00) per hour, ten dollars one cent ($10.01) to eleven dollars ($11.00) per hour, eleven dollars one cent ($11.01) to twelve dollars ($12.00) per hour, twelve dollars one cent ($12.01) to thirteen dollars ($13.00) per hour, thirteen dollars one cent ($13.01) to fourteen dollars ($14.00) per hour and fourteen dollars one cent ($14.01) or more per hour;

(7) location of employees by zip code;

(8) the type and amount of health care coverage provided to employees at the project site, including costs borne by the employees;

(9) the number of current employees represented by collective bargaining;

(10) the rating of a certification that the project meets the green building and performance measures by an independent third party, if applicable;

(11) the start and end dates and schedule for the development subsidy;

(12) the project site's proximity to mass transit, a regional rail line or a major highway off-ramp;

(13) the comparison of the total employment in New Mexico by the recipient corporation, including subsidiaries, corporate parent and corporate parent subsidiaries, on the date of subsidy and the date of the report, broken down by full-time, part-time and temporary employment;

(14) a statement indicating whether the development subsidy reduced employment at any other site controlled by the recipient corporation or corporate parent as a result of automation, merger, acquisition, corporate restructuring or other business activity during the preceding fiscal year;

(15) a statement indicating whether affordable housing has been displaced by the project;

(16) a statement indicating whether the project has involved the relocation of work from any other address, the number of jobs relocated and the address from which the jobs were relocated;

(17) identification of all sources of public and private financing in relation to the project;

(18) a cost analysis or feasibility study that may have been conducted by the state or granting agency before the development subsidy was awarded;

(19) material documents necessary to ensure that the development subsidy is reasonably crafted and geared toward its public interest within a cofinanced or leveraged project, including insurance policies or rating agency reports;

(20) the net tax revenue accruing to the state and political subdivisions of the state as a result of the development subsidy;

(21) total subsidy value;

(22) recorded action the granting agency has taken against potential noncompliance, if applicable; and

(23) an affidavit attesting the accuracy of the information in the report by the chief officer of the recipient corporation.

B. The granting body shall compile the data specified in Subsection A of this section and file a report with the economic development department for each project for which a development subsidy has been granted no later than sixty days after the start of the fiscal year.

C. The granting body and recipient corporation shall file annual reports for the duration of the development subsidy or not less than five years, whichever period is greater. On subsequent annual reports, the granting body shall indicate whether the recipient corporation is in compliance with its job creation, wage and benefit goals and whether the corporate parent is still in compliance with its state employment requirement.

D. The economic development department shall compile and publish all data from the progress reports in both written and electronic form, including on the department's web site. The department's web site shall provide an easily accessible, searchable database of the specified data.

E. The granting body shall provide a final report at the conclusion of each development subsidy that shall contain the information described in Subsection A of this section, in written form available to the public and through its web site. The granting body's web site shall provide an easily accessible, searchable database of the specified data.

F. The granting body and the economic development department shall have access at all reasonable times to the project site and the records of the recipient corporation in order to monitor the development subsidy and to prepare reports.

G. A recipient corporation that fails to provide the granting body or economic development department with the information or access pursuant to this section shall be subject to a fine of not less than five hundred dollars ($500) per day if the recipient corporation has not provided the granting body or economic development department with the necessary information thirty days after the start of each fiscal year.

SECTION 7. CONTRACTS--ANNUAL REPORTS--PENALTY.--

A. Each contracting agency, together with the recipient contractor, shall complete a report for the contract on a form prescribed by the department of finance and administration no later than thirty days after the start of the fiscal year. The report shall provide information necessary to determine the effectiveness of the contract in serving the public interest, including:

(1) a tracking number for the contracting agency and contracted service;

(2) the name, street and mailing address and phone number of the chief officer of the contracting agency;

(3) the name, street and mailing address and phone number of the chief officer of the contract recipient's corporate parent, if applicable;

(4) the name, street and mailing address and phone number of the chief officer of the contract recipient;

(5) the name, street and mailing address, employer and employment category or job description of each person that provided consulting services under the contract, including subcontractors;

(6) the name, street and mailing address and phone number of the official within the contracting agency responsible for monitoring the contract;

(7) the three-digit North American industry classification system number of the contract recipient;

(8) the procedure the agency used to solicit and award the contract, including if the procedure involved competitive bidding or competitive proposals, and a summary of the extent to which the procedure sought to and succeeded in soliciting bids or proposals from minorities, women or emerging small businesses;

(9) the type of service required by the contract;

(10) the total number of individuals employed by the contract recipient on the date the contract recipient applied for the contract and the date of the report, broken down by full-time, part-time and temporary employment;

(11) the total number of individuals employed in New Mexico by the contract recipient, including subsidiaries, corporate parent and corporate parent subsidiaries, as of December 31 of the preceding fiscal year, broken down by full-time, part-time and temporary employment;

(12) the contracts applied for with the contracting agency and the value of each contract, the name of any other contracting agencies from which contracts were applied or obtained and the aggregate value of all contracts applied or obtained from all sources;

(13) the number of contractors, subcontractors and contract employees who performed required services, broken down by full-time, part-time and temporary employment;

(14) the types of services the contractor, subcontractor and any contract employee provide;

(15) the average hourly wage paid to each contractor, subcontractor and contract employee, broken down by full-time, part-time and temporary employment and further broken down by wage groups as follows: eight dollars ($8.00) or less per hour, eight dollars one cent ($8.01) to nine dollars ($9.00) per hour, nine dollars one cent ($9.01) to ten dollars ($10.00) per hour, ten dollars one cent ($10.01) to eleven dollars ($11.00) per hour, eleven dollars one cent ($11.01) to twelve dollars ($12.00) per hour, twelve dollars one cent ($12.01) to thirteen dollars ($13.00) per hour, thirteen dollars one cent ($13.01) to fourteen dollars ($14.00) per hour and fourteen dollars one cent ($14.01) or more per hour;

(16) the number of hours each person, including each subcontractor, works in providing consulting services to the contracting agency under the terms of the contract;

(17) the total compensation of each contractor, subcontractor and any contract employee;

(18) a summary of each amendment to the contract that changed the contract terms, the contract price or estimated total value, the nature of the consulting services and the identity of a person providing consulting services under the contract, including the identity of subcontractors;

(19) the type and amount of health care coverage provided by the contract recipient within ninety days of commencement of the contract, including any costs borne by the employees;

(20) the number of contractors or subcontractors associated with the contract represented by collective bargaining;

(21) for contract recipients based in a metropolitan statistical area, as defined by the federal office of management and budget, the average hourly wage paid to nonmanagerial employees in New Mexico for the industries involved at the project, as established by the United States bureau of labor statistics;

(22) for contract recipients based outside of a metropolitan statistical area, as defined by the federal office of management and budget, the average weekly wage paid to nonmanagerial employees in the county for industries involved at the project, as established by the United States department of commerce;

(23) the start and end dates for the contract;

(24) a statement confirming the contract recipient's compliance with labor laws, including minimum wage, employee rights and affirmative action;

(25) the savings accrued to the contracting agency;

(26) the total cost of the contract;

(27) a cost analysis, if previously conducted by the state or contracting agency;

(28) a comparison of the actual contract cost with the findings of a cost analysis, if previously conducted by the contracting agency;

(29) a copy of the actual contract and any revisions or amendments; and

(30) an affidavit attesting to the accuracy of the information in the report by the chief officer of the contract recipient.

B. Each contracting agency shall compile the data specified in Subsection A of this section and file a progress report with the department of finance and administration for each contract no later than sixty days after the start of the fiscal year.

C. The contracting agency and recipient contractors shall file annual progress reports for the duration of the contract, or not less than five years, whichever period is greater. On all subsequent annual progress reports, the contracting agency shall indicate whether the contract recipient is still in compliance with its savings, wage and benefit goals and has met the measurable standards set by the contracting agency, pursuant to Section 5 of the Budget and Corporate Transparency Act.

D. The department of finance and administration shall compile and publish all data from the progress reports in both written and electronic form, including on the department's web site. The department's web site shall provide an easily accessible, searchable database of the specified data.

E. The contracting agency shall provide a final report at the conclusion of each contract that shall contain the information described in Subsection A of this section, in written form and available to the public through its web site. The contracting agency's web site shall provide an easily accessible and searchable database of the specified data.

F. The contracting agency and the department of finance and administration shall have access at all reasonable times to the project site and the records of the recipient contractor in order to monitor the project and to prepare reports.

G. A recipient contractor that fails to provide the contracting agency with the information or access pursuant to this section shall be subject to a fine of not less than five hundred dollars ($500) per day if the recipient contractor has not provided the contracting agency with necessary information thirty days after the start of each fiscal year.

SECTION 8. CONTRACT AUDITS.--

A. The state auditor is authorized to audit a recipient contractor's performance under the contract into which a contracting agency enters. The audit shall use generally accepted accounting principles and may:

(1) examine the contractor's books, papers, correspondence and other records related to the contract;

(2) assess whether the contractor has met the quality standards set forth in the contract pursuant to Section 5 of the Budget and Corporate Transparency Act;

(3) determine whether the contractor has met commercial standards of good faith and fair dealing in the contractor's course of dealing with the contracting agency; and

(4) examine other issues that the state auditor deems germane to assessing the contractor's performance pursuant to the contract.

B. A contracting agency may request the state auditor to audit a recipient contractor's performance under a contract for any reason and at any point during which the contract is in effect or for a period of six years after the date on which the contract terminates.

C. The terms of a contract shall require a recipient contractor to keep books, papers and other records and to document the recipient contractor's performance under the terms of the contract, with particular reference to the recipient contractor's compliance with the quality standards set forth in the contract, in as much detail as will enable the state auditor to conduct an audit pursuant to this section. The contractor shall keep those records for a minimum period of six years after the date on which the contract terminates.

D. A contracting agency shall designate a person that will have the authority to audit contractor performance under the contract into which the contracting agency enters. The person the contracting agency authorizes to conduct the audit shall do so in accordance with the standards prescribed in this section and shall follow as closely as practicable the procedures employed by the state auditor.

E. The contracting agency and the recipient contractor shall cooperate with the state auditor in all respects and shall permit full access to all information that the state auditor deems necessary for a true and complete review.

SECTION 9. UNIFIED TAX EXPENDITURE BUDGET.--

A. No later than one hundred twenty days after the end of the fiscal year, the department of finance and administration together with the taxation and revenue department shall compile a tax expenditure budget for the preceding fiscal year and present the tax expenditure budget, including an analysis of tax expenditures, to the governor and the legislature. The tax expenditure budget shall report on tax expenditures with revenue impacts equal to or greater than five thousand dollars ($5,000) in the aggregate for a specific tax expenditure, and shall include:

(1) the amount of uncollected state tax revenues resulting from every tax credit, abatement, exemption and reduction provided by the state or a local government unit, including but not limited to gross receipts, income, sales, use, raw materials, excise, property, utility and inventory taxes;

(2) the name of each corporate taxpayer that claimed any tax credit, abatement, exemption or reduction equal to or greater than five thousand dollars ($5,000), together with the dollar amount received by each corporation;

(3) a projection of the costs of tax expenditures for all significant general fund revenue sources;

(4) identification of each tax expenditure and its statutory basis, purpose, year of enactment and date of repeal, if applicable;

(5) identification, to the extent possible, of the beneficiaries of each tax expenditure, including the number of businesses that used the tax expenditure and the number of businesses that potentially qualified for but failed to use the tax expenditure;

(6) identification of any unintended consequences of the tax expenditure that have come to the attention of the taxation and revenue department or department of finance and administration;

(7) an estimate of total state revenue distributed for tax expenditures in the current fiscal year;

(8) an estimate of total state revenue to be distributed for tax expenditures in the upcoming fiscal year;

(9) all state-appropriated expenditures for economic development, including line-item budgets for every state-funded entity concerned with economic development, including the economic development department, tourism department, workforce solutions department, New Mexico finance authority, vocational education programs, state university research programs and manufacturing extension services; and

(10) the costs of all development subsidies to the state during the preceding fiscal year, an estimate of the anticipated costs of development subsidies for the current fiscal year and an estimate of the costs of all development subsidies for the fiscal year of the requested budget, including:

(a) the total cost to the state of tax expenditures resulting from the development subsidies, the costs for each category of tax expenditure and the amounts of tax expenditures by geographical area; and

(b) the cost to the state of all appropriated expenditures for development subsidies, including line-item budgets for every state-funded entity concerned with economic development.

B. Any tax credit, abatement, exemption or reduction received by a corporation of less than five thousand dollars ($5,000) each shall not be itemized. The report shall contain an aggregate dollar amount of such expenditures and the number of companies aggregated for each tax expenditure.

C. The department of finance and administration and taxation and revenue department are authorized to request from a state agency or local government unit, and the state agency or local government unit shall provide, official information necessary to complete the tax expenditure budget required by this section.

D. Before the conclusion of a tax expenditure of value equal to or greater than five thousand dollars ($5,000), the department of finance and administration together with the taxation and revenue department shall submit a report to the legislature and governor to assess whether or not to reappraise the particular tax credit, abatement, exemption or reduction, which includes:

(1) a statement of the purpose served by the tax expenditure;

(2) an appraisal of the tax expenditure's effectiveness in serving its purpose;

(3) an evaluation of whether the tax expenditure serves a public need;

(4) an evaluation of whether other statutes have enhanced or impeded the tax expenditure's effectiveness in serving its purpose;

(5) an appraisal of whether the tax expenditure promotes economic growth and development;

(6) an estimate of the amount of revenue lost each fiscal year because of the tax expenditure;

(7) a recommendation as to whether the tax expenditure should be allowed to expire or be renewed; and

(8) any other relevant information.

E. The department of finance and administration shall compile and publish all data from the report in both written and electronic form, including on the department's web site. The department's web site shall provide an easily accessible, searchable database of the specified data.

SECTION 10. UNIFIED REPORTING OF CONTRACTS.--

A. For the aggregated total of contracts, each contracting agency shall provide a comprehensive report to the department of finance and administration no later than ninety days after the end of the fiscal year detailing:

(1) the total number of contracts that the contracting agency awarded in the preceding fiscal year, along with the total expenditures for all such contracts up until the date on which the agency produced the report, including:

(a) consulting;

(b) construction;

(d) grants;

(e) leases;

(f) miscellaneous services;

(g) printing;

(h) repayment agreements;

(i) intergovernmental agreements; and

(j) goods;

(2) the total work force of the agency;

(3) the total number of persons, including subcontractors, that provided consulting services to the agency;

(4) a calculation of contractors as a percent of total agency work force;

(5) the total number of minorities, women or emerging small businesses that provided consulting services to the contracting agency;

(6) the total number of bids or proposals the agency received in connection with each contract;

(7) a description of the types of contracts the agency awarded;

(8) the frequency of contracts awarded during the preceding fiscal year arranged by the number of bids or proposals and the source selection method;

(9) the number of contracts disapproved by the contracting agency during the preceding fiscal year and the reasons for disapproval arranged by contracting agency and source selection method and the number and outcome of bid protests;

(10) the total compensation the contracting agency paid to each contract recipient, including subcontractors that provided consulting services to the contracting agency under all contracts the contracting agency awarded to that contract recipient;

(11) average wages paid;

(12) total savings the contracting agency accrued from using contractors;

(13) the estimated number and costs of contracts to be awarded in the following fiscal year;

(14) the total cost of all contracts awarded; and

(15) a comparison of the number of contracts the contracting agency solicited and awarded independently to the number of contracts the contracting agency solicited and awarded in connection with a cooperative procurement process, the sum of the contract prices or estimated dollar values of the contracts solicited and awarded independently, together with the sum of the contracting agency's expenditures for the contracts through the date on which the contracting agency produced the report, compared to the corresponding sums for contracts solicited and awarded in connection with cooperative procurement.

B. The department of finance and administration shall compile the data pursuant to Subsection A of this section and provide to the legislature and governor a comprehensive presentation of that data and the costs of all contracts to the state during the preceding fiscal year, an estimate of the anticipated costs of contracts for the current fiscal year and an estimate of the costs of all contracts for the fiscal year of the requested budget.

C. The department of finance and administration shall compile and publish all data from the report in both written and electronic form, including on the department's web site. The department's web site shall provide an easily accessible, searchable database of the specified data.

SECTION 11. UNIFIED REPORTING OF PROPERTY TAX REDUCTIONS.--

A. Each property-taxing entity shall annually submit a report to the department of finance and administration regarding any real property in the entity's jurisdiction that has received a property tax abatement or reduction during the fiscal year. The report shall provide information necessary to determine the effectiveness of the property abatement or reduction in serving the public interest, including:

(1) the name of the property owner;

(2) the address of the property;

(3) the start and end dates of the property tax reduction or abatement;

(4) the schedule of the tax reduction;

(5) each tax abatement, reduction and exemption for the property; and

(6) the total amount of property tax revenue not paid to the property-taxing entity as a result of each reduction or abatement on that property.

B. Each property-taxing entity shall also submit a report to the department of finance and administration setting forth the total property tax revenue not paid to the property-taxing entity during the fiscal year as a result of all property tax reductions and abatements in that entity's jurisdiction.

C. The reports required pursuant to Subsections A and B of this section shall be prepared on two forms prescribed by the department of finance and administration and shall be submitted to the department by the property-taxing entity no later than ninety days after the end of the fiscal year.

D. The department of finance and administration shall annually compile and publish all of the data contained in the reports required pursuant to this section in both written and electronic form, including on the department's web site. The department's web site shall provide an easily accessible, searchable database of the specified data.

SECTION 12. CORPORATE TAX DISCLOSURE--CONTENT OF TAX DISCLOSURE.--

A. Publicly traded corporations, including corporations traded on foreign stock exchanges and corporations of which fifty percent or more of the voting stock is owned, directly or indirectly, by a publicly traded corporation that is doing business in New Mexico, shall file with the taxation and revenue department an annual statement within thirty days following the filing of the tax return required pursuant to the Corporate Income and Franchise Tax Act with the following information:

(1) the name of the corporation and the street address of its principal executive office;

(2) the name of any corporation that owns, directly or indirectly, fifty percent or more of the voting stock of the corporation and the street address of the corporate parent's principal executive office, if applicable;

(3) the corporation's three-digit North American industry classification system code number;

(4) a unique code number, assigned by the secretary of taxation and revenue, to identify the corporation, which code number will remain constant from year to year;

(5) total gross income;

(6) total cost of goods sold claimed as a deduction from gross income;

(7) taxable income prior to net operating loss deductions or apportionment;

(8) property, payroll and sales apportionment factors;

(9) calculated overall apportionment factor in the state;

(10) total business income apportioned to the state;

(11) net operating loss deduction, if applicable;

(12) total nonbusiness income and the amount of nonbusiness income allocated to the state;

(13) total taxable income;

(14) total tax before credits;

(15) tax credits claimed, with each credit individually enumerated;

(16) tax due;

(17) tax paid; and

(18) amount of tax due or paid under protest, if applicable.

B. A corporation doing business in New Mexico but not required to file a tax return pursuant to the Corporate Income and Franchise Tax Act may elect to file a statement with the taxation and revenue department containing the following information:

(1) the name of the corporation and the street address of its principal executive office;

(3) the corporation's three-digit North American industry classification system code number;

(4) a unique code number, assigned by the secretary of taxation and revenue, to identify the corporation, which code number will remain constant from year to year; and

(5) total gross receipts from sales to purchasers in New Mexico.

C. A corporation submitting a statement pursuant to this section shall be permitted to submit supplemental information that, in its sole judgment, could facilitate proper interpretation of the information included in the statement.

D. If a corporation files an amended tax return, the corporation shall file a revised statement under this section within sixty calendar days after the amended return is filed. If a corporation's tax liability for a taxable year is changed as the result of an uncontested audit adjustment or final determination of liability by the taxation and revenue department or by a court of competent jurisdiction, the corporation shall file a revised statement pursuant to this section within sixty calendar days of the final determination of liability.

E. The statements required pursuant to this section shall be a public record. The taxation and revenue department shall make all information contained in the statements required pursuant to this section for all filing corporations available to the public on an ongoing basis in the form of a searchable database accessible through the department's web site. The taxation and revenue department shall make available and set charges that cover the cost to the state of providing copies on appropriate computer-readable media of the entire database for statements filed during each calendar year as well as hard copies of an individual annual statement for a specific corporation. The statement for any corporation for a particular taxable year shall not be publicly available until the first day of the third calendar year that follows the calendar year in which the particular taxable year ends.

F. The accuracy of the statements submitted to the taxation and revenue department pursuant to this section shall be attested to in writing by the chief operating officer of that corporation and shall be subject to audit by the taxation and revenue department.

SECTION 13. DEVELOPMENT SUBSIDY RECAPTURE.--

A. A recipient corporation shall fulfill its job creation, wage, health care and other benefit requirements for the project site within two years of the date of subsidy. The recipient corporation shall maintain its wage and benefit goals as long as the development subsidy is in effect, or for five years, whichever is longer.

B. The recipient corporation and corporate parent, if applicable, shall maintain at least ninety percent of its employment in New Mexico as long as the development subsidy is in effect, or not less than five years, whichever is longer.

C. If the requirements of Subsections A and B of this section are not fulfilled, the granting body shall recapture the development subsidy from the recipient corporation. Upon a failure by the recipient corporation to create the required number of jobs or to pay the required wages or benefits, the amount recaptured shall be based on the pro rata amount by which the unfulfilled jobs, wages or benefits bear to the total amount of the development subsidy. Upon a failure of the recipient corporation and corporate parent to maintain ninety percent of its employment in New Mexico, the rate of recapture shall equal twice the percentage by which the employment is less than ninety percent.

D. The granting body shall provide notice to the recipient corporation of its intent to recapture the development subsidy and state the reasons and amount to be recaptured. The recipient corporation shall remit to the governing body such amount within sixty calendar days of the date of such notice.

E. If a recipient corporation defaults on a development subsidy in three consecutive calendar years, the granting body shall declare the subsidy void and shall notify the economic development department and the recipient corporation. The recipient corporation shall pay back to the granting body all remaining value of the development subsidy it has not previously repaid within one hundred eight calendar days of the date of the notice of the default.

SECTION 14. PRIVATE RIGHT OF ACTION.--If a granting body or contracting agency fails to enforce any provision of the Budget and Corporate Transparency Act, an individual who paid personal income taxes to the state in the calendar year preceding the year in dispute, or an organization representing that taxpayer, shall be entitled to bring a civil action in a court of competent jurisdiction to compel enforcement. The court shall award reasonable attorney fees and costs to the prevailing taxpayer or organization.

SECTION 15. PUBLIC RECORD DISCLOSURE.--Except as otherwise provided, all records and information collected, assembled or prepared pursuant to the Budget and Corporate Transparency Act are public information and shall be retained, stored, destroyed and made available for the examination of the public as provided by the Public Records Act.

SECTION 16. SEVERABILITY.--If any part or application of the Budget and Corporate Transparency Act is held invalid, the remainder or its application to other situations or persons shall not be affected.

SECTION 17. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2011.

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