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

RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE; AMENDING THE GROSS RECEIPTS AND COMPENSATING TAX ACT TO PROVIDE A GROSS RECEIPTS TAX DEDUCTION FOR FEDERAL RESEARCH AND DEVELOPMENT 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 TAX--FEDERAL RESEARCH AND DEVELOPMENT SERVICES.--Receipts from an agency, department or instrumentality of the United States for performing research and development services other than at a facility operated by the taxpayer for the United States or any agency, department or instrumentality thereof may be deducted from gross receipts."

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