The proposed "Business Security Assistance Act" aims to enhance security for businesses in New Mexico by providing financial incentives for the purchase of discounted security equipment and services. The act establishes definitions for key terms, including "business," "certified vendor," "security equipment," and "security service." It mandates the regulation and licensing department to set performance requirements for security equipment and certify vendors eligible for rebates. Certified vendors that offer security equipment or services at a discount of at least 25% can receive rebate payments, capped at $25,000 per business per year, contingent on the availability of funds from the newly created Business Security Assistance Fund.

Additionally, the act introduces a gross receipts tax deduction for certified vendors selling discounted security equipment and services, ensuring that these transactions are reported separately for tax purposes. The legislation appropriates $100 million to the Business Security Assistance Fund for fiscal years 2026 through 2028 and allocates $4 million to the regulation and licensing department for implementation. The act includes a delayed repeal of certain sections effective July 1, 2028, and is set to take effect on July 1, 2025.