0001|                            HOUSE BILL 309
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          WILLIAM E. PORTER
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0005|     
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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|                                AN ACT
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0011|     RELATING TO TAXATION; AMENDING THE INVESTMENT CREDIT ACT TO
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0012|     MODIFY THE DEFINITION OF MANUFACTURING.
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0013|     
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0014|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015|          Section 1.  Section 7-9A-3 NMSA 1978 (being Laws 1979,
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0016|     Chapter 347, Section 3, as amended by Laws 1991, Chapter 159,
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0017|     Section 2 and also by Laws 1991, Chapter 162, Section 2) is
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0018|     amended to read:
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0019|          "7-9A-3.  DEFINITIONS.--As used in the Investment Credit
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0020|     Act:
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0021|               A.  "department" means the taxation and revenue
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0022|     department, the secretary of taxation and revenue or any
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0023|     employee of the department exercising authority lawfully
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0024|     delegated to that employee by the secretary;
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0025|               B.  "equipment" means an essential machine,
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0001|     mechanism or tool, or a component or fitting thereof, used
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0002|     directly and exclusively in a manufacturing operation and
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0003|     subject to depreciation for purposes of the Internal Revenue
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0004|     Code <u>of 1986, as amended,</u> by the taxpayer carrying on the
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0005|     manufacturing operation.  "Equipment" does not include any
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0006|     vehicle that leaves the site of the manufacturing operation for
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0007|     purposes of transporting persons or property or any property
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0008|     for which the taxpayer claims the credit pursuant to Section 7-
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0009|     9-79 NMSA 1978;
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0010|               C.  "manufacturing" means combining or processing
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0011|     components or materials, including recyclable materials, to
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0012|     increase their value for sale in the ordinary course of
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0013|     business, including genetic testing and production, but not
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0014|     including:
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0015|                    (1)  construction;
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0016|                    (2)  farming, <u>exclusive of geothermal</u>;
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0017|                    (3)  power generation; or
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0018|                    (4)  <u></u>processing natural resources, including
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0019|     hydrocarbons;
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0020|               D.  "manufacturing operation" means a plant,
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0021|     including a genetic testing and production facility, employing
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0022|     personnel to perform production tasks, in conjunction with
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0023|     equipment not previously existing at the site, to produce
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0024|     goods; 
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0025|               E.  "recyclable materials" means materials that
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0001|     would otherwise become solid waste if not recycled and that can
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0002|     be collected, separated or processed and placed in use in the
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0003|     form of raw materials or products; and
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0004|               F.  "taxpayer" means a person liable for payment of
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0005|     any tax, a person responsible for withholding and payment over
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0006|     or for collection and payment over of any tax, or a person to
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0007|     whom an assessment has been made, if the assessment remains
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0008|     unabated or the amount thereof has not been paid."
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0009|                                                         State of New Mexico
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0010|                      House of Representatives
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0011|   
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0012|                      FORTY-THIRD LEGISLATURE
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0013|                        FIRST SESSION, 1997
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0014|   
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0015|   
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0016|                                                   March 3, 1997
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0017|   
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0018|   
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0019|   Mr. Speaker:
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0020|   
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0021|        Your TAXATION AND REVENUE COMMITTEE, to whom has
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0022|   been referred
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0023|   
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0024|                        HOUSE BILL 309
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0025|                               
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0001|   has had it under consideration and reports same with
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0002|   recommendation that it DO PASS.
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0003|   
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0004|                                 Respectfully submitted,
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0005|   
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0006|   
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0007|   
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0008|                                 <u>                                
</u>    |
<u></u>0009| <u>  
</u>    |
<u></u>0010| <u>                                </u>                             Jerry W. Sandel, Chairman
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0011|   
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0012|   
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0013|   Adopted <u>                    </u>     Not Adopted <u>                    
</u>    |
<u></u>0014| <u>   </u>
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0015|             (Chief Clerk)                       (Chief Clerk)
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0016|   
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0017|                        Date <u>            </u>
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0018|   
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0019|   The roll call vote was<u> 10 </u> For<u> 0 </u> Against
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0020|   Yes:      10
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0021|             Excused:  Gonzales, Lovejoy, Lujan
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0022|             Absent:   None
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0023|   
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0024|   
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0025|   G:\BILLTEXT\BILLW_97\H0309  
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0001|   
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0002|                      FORTY-THIRD LEGISLATURE
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0003|                        FIRST SESSION, 1997
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0004|   
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0005|   
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0006|                                                  March 19, 1997
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0007|   
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0008|   Mr. President:
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0009|   
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0010|       Your WAYS AND MEANS COMMITTEE, to whom has been
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0011|   referred
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0012|   
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0013|                          HOUSE BILL 309 
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0014|   
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0015|   has had it under consideration and reports same with
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0016|   recommendation that it DO PASS.
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0017|   
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0018|                                Respectfully submitted,
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0019|   
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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|                                Carlos R. Cisneros, Chairman 
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0025|   
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0001|   
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0002|   
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0003|   Adopted_______________________   Not
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0004|   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|   
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0009|                     Date ________________________
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0010|   
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0011|   
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0012|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0013|           Yes:    7
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0014|           No:     0
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0015|                Excused:     Duran, McSorley
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0016|           Absent: None
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0017|   
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0018|   
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0019|   H0309WM1
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