0001|            SENATE WAYS AND MEANS COMMITTEE SUBSTITUTE FOR
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0002|                           SENATE BILL 1271
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0003|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0004|     
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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|     
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0011|                                AN ACT
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0012|     RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE;
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0013|     IMPOSING A REPORTING REQUIREMENT ON CERTAIN PERSONS WHOSE GROSS
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0014|     RECEIPTS ARE WHOLLY OR PARTIALLY EXEMPT OR DEDUCTIBLE FROM THE
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0015|     GROSS RECEIPTS TAX OR COMPENSATING TAX.
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0016|     
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0017|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0018|          Section 1.  A new section of the Gross Receipts and
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0019|     Compensating Tax Act is enacted to read:
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0020|          "[NEW MATERIAL]  REPORTING REQUIREMENT.--
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0021|               A.  Any person whose gross receipts are exempt or
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0022|     deductible in whole or in part from the gross receipts tax or
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0023|     the compensating tax pursuant to the sections of the NMSA 1978
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0024|     listed in Subsection B of this section shall report to the
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0025|     department on or before September 1 of each year the amount of
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0001|     their total gross receipts for the prior fiscal year, the
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0002|     amount of those gross receipts that were not taxable and the
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0003|     exemptions or deductions pursuant to which the receipts were
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0004|     not taxable. 
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0005|               B.  The provisions of this section apply to persons
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0006|     whose gross receipts are wholly or partially exempt or
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0007|     deductible pursuant to Sections 7-9-15, 7-9-16, 7-9-18, 7-9-20,
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0008|     7-9-29, 7-9-39, Subsection A of Section 7-9-40 and Sections
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0009|     7-9-62 through 7-9-65, 7-9-73.1 and 7-9-83 through 7-9-85 NMSA
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0010|     1978.
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0011|               C.  Upon the request of any public entity, the
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0012|     department may provide aggregated information gathered from the
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0013|     reports submitted pursuant to this section, but shall not
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0014|     provide taxpayer-specific information unless the information is
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0015|     already public information or the taxpayer has waived his right
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0016|     to confidentiality pursuant to Section 7-1-8 NMSA 1978."
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0017|                              
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