0001| SENATE BILL 292
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0002| 42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003| 1996
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0004| INTRODUCED BY
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0005| ANN J. RILEY
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0006|
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0007|
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0008|
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0009| FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE
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0010|
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0011| AN ACT
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0012| RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION
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0013| FOR RECEIPTS FROM ADMINISTRATIVE AND ACCOUNTING SERVICES
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0014| PROVIDED TO AFFILIATED BUSINESS ENTITIES.
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0015|
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0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017| Section 1. Section 7-9-69 NMSA 1978 (being Laws 1969,
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0018| Chapter 144, Section 61, as amended) is amended to read:
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0019| "7-9-69. DEDUCTION--GROSS RECEIPTS TAX--ADMINISTRATIVE AND
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0020| ACCOUNTING SERVICES.--
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0021| A. Receipts of a corporation for administrative,
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0022| managerial and accounting services performed by it for an
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0023| affiliated corporation or affiliated limited partnership upon
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0024| a nonprofit or cost basis and receipts from an affiliated
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0025| corporation or affiliated limited partnership for the joint
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0001| use or sharing of office machines and facilities upon a
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0002| nonprofit or cost basis may be deducted from gross receipts.
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0003| B. For the purposes of this section:
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0004| (1) "affiliated limited partnership" means a
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0005| limited partnership that directly or indirectly through one or
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0006| more intermediaries controls, is controlled by or is under
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0007| common control with the subject corporation. For purposes of
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0008| this paragraph, "control" means ownership of an interest in a
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0009| limited partnership that:
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0010| (a) represents at least fifty percent of
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0011| the total voting power of that corporation; and
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0012| (b) has a value equal to at least fifty
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0013| percent of the total value of that limited partnership; and
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0014| (2) "affiliated corporation" means a
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0015| corporation that directly or indirectly through one or more
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0016| intermediaries controls, is controlled by or is under common
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0017| control with the subject corporation. For the purposes of this
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0018| [subsection] paragraph, "control" means ownership of stock
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0019| in a corporation [which] that:
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0020| [(1)] (a) represents at least fifty
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0021| percent of the total voting power of that corporation; and
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0022| [(2)] (b) has a value equal to at least
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0023| fifty
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0024| percent of the total value of the stock of that corporation."
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0025| Section 2. APPLICABILITY.--The provisions of this act
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0001| apply to receipts received after July 1, 1996.
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0002| Section 3. EFFECTIVE DATE.--The effective date of the
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0003| provisions of this act is July 1, 1996.
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0004|
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0005|
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0006| FORTY-SECOND LEGISLATURE
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0007| SECOND SESSION, 1996
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0008|
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0009|
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0010| JANUARY 26, 1996
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0011|
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0012| Mr. President:
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0013|
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0014| Your COMMITTEES' COMMITTEE, to whom has been referred
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0015|
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0016| SENATE BILL 292
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0017|
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0018| has had it under consideration and finds same to be GERMANE, PURSUANT
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0019| TO CONSTITUTIONAL PROVISIONS, and thence referred to the WAYS AND
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0020| MEANS COMMITTEE.
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0021|
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0022| Respectfully submitted,
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0023|
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0024|
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0025|
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0001|
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0002| __________________________________
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0003| SENATOR MANNY M. ARAGON, Chairman
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0004|
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0005|
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0006|
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0007| Adopted_______________________ Not Adopted_______________________
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0008| (Chief Clerk) (Chief Clerk)
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0009|
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0010|
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0011| Date ________________________
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0012|
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0013|
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0014|
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0015| S0292CC1
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0016|
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0017| FORTY-SECOND LEGISLATURE
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0018| SECOND SESSION, 1996
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0019|
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0020|
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0021| February 9, 1996
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0022|
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0023| Mr. President:
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0024|
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0025| Your WAYS AND MEANS COMMITTEE, to whom has been referred
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0001|
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0002| SENATE BILL 292
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0003|
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0004| has had it under consideration and reports same with recommendation that
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0005| it DO PASS, and thence referred to the FINANCE COMMITTEE.
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0006|
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0007| Respectfully submitted,
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0008|
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0009|
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0010|
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0011| __________________________________
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0012| TITO D. CHAVEZ, Chairman
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0013|
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0014|
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0015|
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0016| Adopted_______________________ Not Adopted_______________________
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0017| (Chief Clerk) (Chief Clerk)
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0018|
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0019|
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0020| Date ________________________
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0021|
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0022|
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0023| The roll call vote was 7 For 0 Against
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0024| Yes: 7
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0025| No: 0
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0001| Excused: Romero
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0002| Absent: None
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0003|
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0004|
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0005| S0292WM1
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0006|
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0007|
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0008|
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0009| FORTY-SECOND LEGISLATURE
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0010| SECOND SESSION, 1996
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0011|
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0012|
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0013| February 12, 1996
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0014|
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0015| Mr. President:
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0016|
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0017| Your FINANCE COMMITTEE, to whom has been referred
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0018|
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0019| SENATE BILL 292
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0020|
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0021| has had it under consideration and reports same with recommendation that
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0022| it DO PASS.
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0023|
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0024| Respectfully submitted,
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0025|
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0001|
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0002|
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0003| __________________________________
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0004| Ben D. Altamirano, Chairman
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0005|
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0006|
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0007|
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0008| Adopted_______________________ Not Adopted_______________________
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0009| (Chief Clerk) (Chief Clerk)
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0010|
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0011|
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0012|
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0013| Date ________________________
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0014|
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0015|
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0016| The roll call vote was 8 For 0 Against
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0017| Yes: 8
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0018| No: 0
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0019| Excused: Donisthorpe, Duran, Ingle, Kidd, Kysar
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0020| Absent: None
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0021|
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0022|
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0023| S0292FC1
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0024| State of New Mexico
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0025| House of Representatives
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0001|
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0002| FORTY-SECOND LEGISLATURE
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0003| SECOND SESSION, 1996
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0004|
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0005|
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0006| February 14, 1996
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0007|
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0008|
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0009| Mr. Speaker:
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0010|
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0011| Your TAXATION AND REVENUE COMMITTEE, to whom has been
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0012| referred
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0013|
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0014| SENATE BILL 292
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0015|
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0016| has had it under consideration and reports same with
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0017| recommendation that it DO PASS.
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0018|
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0019| Respectfully submitted,
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0020|
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0021|
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0022|
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0023|
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0024| Jerry W. Sandel, Chairman
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0025|
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0001|
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0002| Adopted Not Adopted
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0003| (Chief Clerk) (Chief Clerk)
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0004|
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0005| Date
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0006|
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0007| The roll call vote was 8 For 0 Against
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0008| Yes: 8
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0009| Excused: None
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0010| Absent: Crook, Gonzales, Parsons, Ryan, Stell
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0011|
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0012|
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0013|
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0014| S0292TR1
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