HOUSE BILL 237
56th legislature - STATE OF NEW MEXICO - first session, 2023
Larry R. Scott and James G. Townsend and Greg Nibert and Randall T. Pettigrew
RELATING TO TAXATION; REPEALING THE FILM PRODUCTION TAX CREDIT ACT; PROVIDING FOR THE EXHAUSTION OF ELIGIBLE CREDITS AFTER THE REPEAL DATE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. TEMPORARY PROVISION--EXHAUSTION OF TAX CREDITS.--
A. If a taxpayer meets the eligibility requirements to apply for and claim a tax credit being repealed by this act for a period prior to the effective date of this act, the taxpayer may claim, and the taxation and revenue department may approve, the credit for those periods.
B. If a taxpayer has claimed and been awarded a tax credit being repealed by this act but a portion of the credit claimed remains unused, the taxpayer may claim the unused portion pursuant to those sections being repealed as they were in effect prior to the effective date of this act.
SECTION 2. REPEAL.--Sections 7-2F-1 through 7-2F-15 NMSA 1978 (being Laws 2002, Chapter 36, Section 1; Laws 2011, Chapter 165, Section 2 and Laws 2011, Chapter 177, Section 3; Laws 2003, Chapter 127, Section 2; Laws 2015, Chapter 143, Section 4; Laws 2011, Chapter 165, Sections 4 and 5; Laws 2015, Chapter 62, Section 1; Laws 2015, Chapter 143, Sections 5 through 10; and Laws 2019, Chapter 87, Sections 6 through 9, as amended) are repealed.
SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2023.
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