0001|                        SENATE BILL 556
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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|                      TIMOTHY Z. JENNINGS
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO TAXATION; PROVIDING A DEDUCTION FROM GROSS RECEIPTS
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0013|     FOR CERTAIN AIRCRAFT SERVICES.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|       Section 1.  A new section of the Gross Receipts and
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0017|     Compensating Tax Act is enacted to read:
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0018|       "[<u>NEW MATERIAL</u>]  DEDUCTION--GROSS RECEIPTS TAX--AIRCRAFT
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0019|     SERVICES.--Receipts from refurbishing, remodeling or otherwise
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0020|     modifying transport category aircraft over sixty-five thousand
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0021|     pounds gross landing weight may be deducted from gross receipts. 
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0022|     As used in this section, "refurbishing, remodeling or otherwise
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0023|     modifying" does not include routine line maintenance of such
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0024|     aircraft."
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0025|       Section 2.  EFFECTIVE DATE.--The effective date of the
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0001|         provisions of this act is July 1, 1996.  
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0002|   
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0003|                    FORTY-SECOND LEGISLATURE
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0004|                      SECOND SESSION, 1996
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0005|   
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0006|   
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0007|                                              JANUARY 30, 1996
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0008|   
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0009|   Mr. President:
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0010|   
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0011|     Your COMMITTEES' COMMITTEE, to whom has been referred
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0012|   
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0013|                           SENATE BILL 556
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0014|   
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0015|   has had it under consideration and finds same to be GERMANE, PURSUANT
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0016|   TO CONSTITUTIONAL PROVISIONS, and thence referred to the WAYS AND
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0017|   MEANS COMMITTEE.
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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|                              __________________________________
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0025|                              SENATOR MANNY M. ARAGON, Chairman 
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0001|   
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0002|   
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0003|   
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0004|   Adopted_______________________ Not Adopted_______________________
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0005|             (Chief Clerk)                        (Chief Clerk)
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0006|   
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0007|   
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0008|                     Date ________________________
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0009|   
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0010|   
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0011|   
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0012|   S0556CC1
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