HOUSE BILL 321

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Henry “Kiki” Saavedra

FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE

AN ACT

RELATING TO TAXATION; PROVIDING FOR A DEDUCTION FROM GROSS RECEIPTS FOR THE PRODUCTION OR STAGING OF PROFESSIONAL BOXING, WRESTLING OR MARTIAL ARTS CONTESTS.

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--PRODUCTION OR STAGING OF PROFESSIONAL CONTESTS.--Receipts from producing or staging a professional boxing, wrestling or martial arts contest, including receipts from ticket sales and broadcasting, may be deducted from gross receipts."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2006.

.158991.1