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ÿÿÖñ ññ ñÖ€QÿÿÖñ ñññññÖ€GÿÿÖñññ ñÖ€ÿÿÖñ ññ ñÖ€RÿÿÖñ ñÔT´ÔÓ3³ÓññÔ% €« Ôñññ ñÑ€KôHÑñ ñà@HH$XàññHOUSE€ññBILLñ ñ€Ô_Ô118ñ ñÔ_ÔˆÌÔ_Ôñ ñÔ€ŠPZ‹%&Ôñ ñÔ€F&`%%&Ôñ ñÔ€FXk€X%F&`Ôñ ñ45òòthÔ_Ô€legislatureó󀄀STATE€OF€NEW€MEXICO€„€òòsecond€sessionóó,€2002Ð }É ÐÔ€F&`%XFXk€ÔÔ€&Ç-%%F&`Ôà@€€%XàINTRODUCED€BYˆÐ  ` Ðñ ñà@``'XàBen€Ô_ÔLujanñ ñÔ_ÔˆÌÌà@XX+XàññDISCUSSION€DRAFTññˆÌÌà@XX+XàˆÌÓÀ3³ÓÌà@(XàAN€ACTˆÌÓp½ÀÓññññÔ% €I ÔññññññRELATING€TO€TAXATION;€PROVIDING€A€TAX€CREDIT€FOR€A€PORTION€OFÏDIRECT€FILM€PRODUCTION€EXPENDITURES€FOR€FILMS€MADE€IN€NEWÏMEXICO;€DECLARING€AN€EMERGENCY.ññÌÌBE€IT€ENACTED€BY€THE€LEGISLATURE€OF€THE€STATE€OF€NEW€MEXICO:ÌÓáºp½Óà àÑ€E˜%ÑññññÔ% €J ÔññññññSection€1.€€FILM€PRODUCTION€TAX€CREDIT.„„Ìà àà d àA.€€The€tax€credit€created€by€this€section€may€beÏreferred€to€as€the€"film€production€tax€credit".€€An€eligibleÏfilm€production€company€may€apply€for,€and€the€taxation€andÏrevenue€department€may€allow,€a€tax€credit€for€fifteen€percentÏof€direct€production€expenditures€made€in€New€Mexico€directlyÏattributable€to€the€production€in€New€Mexico€of€a€film.Ìà àà d àB.€€The€film€production€tax€credit€shall€not€beÏclaimed€with€respect€to€expenditures€for€which€the€filmÏproduction€company€has€delivered€a€nontaxable€transactionÏcertificate€pursuant€to€Section€7„9„86€NMSA€1978.Ð ",n&2 ÐÑE˜%Ñâ EâÑXÑÑ  ÑÒ´´ÒÒÜÜÒÑ€AÑÑ8€Ç-%%dÜ&&dÜ8ÑÖ€ ”ÖÓáºáºÓâ EâÑ  Ñà àà d àC.€€A€long„form€narrative€film€production€for€whichÐ  Ðthe€film€production€tax€credit€is€claimed€shall€contain€anÏacknowledgment€that€the€production€was€filmed€in€New€Mexico.Ìà àà d àD.€€As€used€in€this€section:€Ìà àà d àà ¼ à(1)€€"direct€production€expenditure"€includes:Ìà àà d àà ¼ àà  à(a)€€the€cost€of€a€story€and€scenario€toÏbe€used€for€a€film;Ìà àà d àà ¼ àà  à(b)€€wages€or€salaries€for€talent,Ïmanagement€and€labor€paid€to€persons€who€are€residents€of€NewÏMexico;Ìà àà d àà ¼ àà  à(c)€€the€cost€of€set€construction€andÏoperations,€wardrobe,€accessories€and€related€services;Ìà àà d àà ¼ àà  à(d)€€the€cost€of€photography,€soundÏsynchronization,€lighting€and€related€services;Ìà àà d àà ¼ àà  à(e)€€the€cost€of€editing€and€relatedÏservices;Ìà àà d àà ¼ àà  à(f)€€rental€of€facilities€and€equipment;€Ìà àà d àà ¼ àà  à(g)€€leasing€of€vehicles;Ìà àà d àà ¼ àà  àòòóó(h)€€costs€of€food€or€lodging;Ð À!¸$ Ðà àà d àà ¼ àà  à(i)€€airfare€if€purchased€through€a€NewÏMexico„based€travel€agency€or€travel€company;Ìà àà d àà ¼ àà  à(j)€€insurance€costs€and€bonding€ifÏpurchased€through€a€New€Mexico„based€insurance€company;€andÌà àà d àà ¼ àà  à(k)€€other€direct€costs€of€producing€theÏfilm;Ìà àà d àà ¼ à(2)€€"film"€means€a€single€media€or€multimediaÐ $,%2 Ðprogram,€including€national€advertising€messages,€that€isÏfixed€on€film,€videotape,€computer€disc,€laser€disc€or€otherÏsimilar€delivery€medium,€that€can€be€viewed€or€reproduced€andÏthat€is€exhibited€in€theaters,€licensed€for€exhibition€byÏindividual€television€stations,€groups€of€stations,€networks,Ïcable€television€stations€or€other€means€or€licensed€for€theÏhome€viewing€market;€andÌà àà d àà ¼ à(3)€€"film€production€company"€means€a€personÏthat€produces€film€for€exhibition€in€theaters,€on€televisionÏor€elsewhere.€à ¼ àà  àÐ d\  Ðà àà d àE.€€To€be€eligible€for€the€film€production€taxÏcredit,€a€film€production€company€shall€submit€to€the€NewÏMexico€film€division€of€the€economic€development€departmentÏinformation€required€by€the€division€to€demonstrate€conformityÏwith€the€requirements€of€this€section.€€The€company€shallÏsubmit€to€the€division€a€completion€bond€for€the€filmÏproduction€for€which€the€company€will€be€claiming€a€credit.€ÏThe€division€shall€determine€the€eligibility€of€the€companyÏand€shall€report€this€information€to€the€taxation€and€revenueÏdepartment€in€a€manner€and€at€times€the€economic€developmentÏdepartment€and€the€taxation€and€revenue€department€shall€agreeÏupon.€€à d à€à ¼ àÐ 4&,* Ðà àà d àF.€€To€receive€a€film€production€tax€credit,€a€filmÏproduction€company€shall€apply€to€the€taxation€and€revenueÏdepartment€on€forms€and€in€the€manner€the€department€mayÏprescribe.€€The€application€shall€include€a€certification€ofÐ $,%2 ÐÑKôHÑâ KâÑ8€Ç-%%dÜ%%dÜ8Ñâ KâÑ  Ñthe€amount€of€direct€production€expenditures€made€in€NewÐ  ÐMexico€with€respect€to€the€film€production€for€which€the€filmÏproduction€company€is€seeking€the€film€production€tax€credit.ÏIf€the€requirements€of€this€section€have€been€complied€with,Ïthe€taxation€and€revenue€department€shall€approve€the€filmÏproduction€tax€credit€and€issue€a€document€granting€the€taxÏcredit.Ìà àà d àG.€€The€film€production€company€may€apply€all€or€aÏportion€of€the€film€production€tax€credit€granted€by€theÏdocument€against€personal€income€tax€liability€or€corporateÏincome€tax€liability.€€If€the€amount€of€the€film€productionÏtax€credit€claimed€exceeds€the€film€production€company's€taxÏliability€for€the€taxable€year€in€which€the€credit€is€beingÏclaimed,€the€excess€shall€be€refunded.Ìà àSection€2.€€APPLICABILITY.„„The€provisions€of€this€actÏapply€to€taxable€years€beginning€on€or€after€January€1,€2002.Ìà 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