45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO TAXATION; PROVIDING A CREDIT AGAINST THE GROSS RECEIPTS TAX FOR HOSPITALS LICENSED BY THE DEPARTMENT OF HEALTH.

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 is enacted to read:

"[NEW MATERIAL] CREDIT--GROSS RECEIPTS TAX--RECEIPTS OF CERTAIN HOSPITALS.--A hospital licensed by the department of health may claim a credit against the gross receipts tax for each reporting period beginning on or after July 1, 2001 in an amount equal to three and two hundred seventy-five thousandths percent of the hospital's taxable gross receipts for that reporting period after all appropriate deductions have been taken."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2001.