SENATE BILL 701

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

INTRODUCED BY

Leonard Lee Rawson







AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS DEDUCTION FOR RECEIPTS FROM PROVIDING CERTAIN CHILD DAYCARE SERVICES.



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] DEDUCTION--GROSS RECEIPTS--CHILD DAYCARE SERVICES.--Receipts from providing child daycare services in a licensed family child-care home or in a registered home under the family nutrition program as defined in the rules of the children, youth and families department may be deducted from gross receipts."

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

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