SENATE BILL 438

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

Clinton D. Harden

AN ACT

RELATING TO TAXATION; PROVIDING A DEDUCTION FROM GROSS RECEIPTS PAID FOR SPECIAL FUEL THAT IS DYED.

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--SPECIAL FUEL--DYED.--Receipts from selling special fuel dyed according to federal regulations may be deducted from gross receipts if the deduction from the special fuel excise tax pursuant to Section 7-16A-10 NMSA 1978 is claimed."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2009.

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