SENATE BILL 48

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Joseph J. Carraro

AN ACT

RELATING TO TAXATION; PROVIDING FOR A CREDIT FOR MUNICIPAL GROSS RECEIPTS TAXES PAID.

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--MUNICIPAL GROSS RECEIPTS TAX PAID.--A credit shall be allowed for each reporting period against the gross receipts tax for:

          A. an amount of the municipal gross receipts tax equal to one-half percent of the taxable gross receipts for which the taxpayer is liable for that reporting period imposed by a municipality pursuant to Section 7-19D-4 NMSA 1978 if that municipality has imposed a total municipal gross receipts tax rate of at least one-half percent; or

          B. an amount of the municipal gross receipts tax equal to one-fourth percent of the taxable gross receipts for which the taxpayer is liable for that reporting period imposed by a municipality pursuant to Section 7-19D-4 NMSA 1978 if that municipality has imposed a total municipal gross receipts tax rate of one-fourth percent."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2005.

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