RELATING TO TAXATION; PROVIDING A DEDUCTION FOR RECEIPTS FROM SALES TO CERTAIN CREDIT UNIONS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. A new section of the Gross Receipts and Compensating Tax Act, Section 7-9-61.2 NMSA 1978, is enacted to read:

"7-9-61.2. DEDUCTION--RECEIPTS FROM SALES TO STATE-CHARTERED CREDIT UNIONS.--Receipts from selling tangible personal property to credit unions chartered under the provisions of the Credit Union Act are deductible to the same extent that receipts from the sale of tangible personal property to federal credit unions may be deducted pursuant to the provisions of Section 7-9-54 NMSA 1978."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2000.