The proposed legislation, known as the "Business Security Assistance Act," aims to enhance security for businesses in New Mexico by providing financial incentives for the purchase of security equipment and services. The act establishes a new fund, the Business Security Assistance Fund, which will be financed through appropriations, donations, and grants. Certified vendors who sell security equipment or services at a discount of at least 25% to businesses will be eligible for rebate payments, capped at $25,000 per business per year, contingent on available funding. Additionally, the act introduces a gross receipts tax deduction for certified vendors selling discounted security products, thereby encouraging businesses to invest in security measures.

The act outlines specific definitions related to security equipment and services, and mandates the regulation and licensing department to set performance requirements for security products. It also requires annual reporting to the legislative finance committee on the fund's status and the number of businesses benefiting from the program. The legislation includes appropriations of $100 million for the fund and $4 million for the department's implementation efforts, with a delayed repeal of certain sections set for July 1, 2028. The act is set to take effect on July 1, 2025.