BUSINESS SECURITY ASSISTANCE ACT

HB 421, the Business Security Assistance Act, provides financial incentives for businesses to improve security by reimbursing certified vendors who sell discounted security equipment (like reinforced doors or surveillance systems) or services (like professional monitoring) at 25% off. The bill creates a $100 million Business Security Assistance Fund to cover rebates (capped at $25,000 per business), allows vendors to deduct these sales from their taxable income, and requires the department to certify vendors based on performance standards. It affects New Mexico businesses operating in nonresidential locations and certified security vendors, with funding sourced from a general fund transfer and annual appropriations. The program is temporary, set to expire on July 1, 2028.