44TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 1999

RELATING TO TAXATION; ELIMINATING THE LEASED VEHICLE SURCHARGE; AMENDING AND REPEALING SECTIONS OF THE LEASED VEHICLE GROSS RECEIPTS TAX ACT.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 7-14A-4 NMSA 1978 (being Laws 1991, Chapter 197, Section 8, as amended) is amended to read:

"7-14A-4. PRESUMPTION OF TAXABILITY.--To prevent evasion of the leased vehicle gross receipts tax [and the leased vehicle surcharge] and to aid in [their] its administration, it is presumed that all receipts of a person engaging in business are subject to the leased vehicle gross receipts tax [and that all vehicles leased by that person are subject to the leased vehicle surcharge]."

Section 2. Section 7-14A-6 NMSA 1978 (being Laws 1991, Chapter 197, Section 10, as amended) is amended to read:

"7-14A-6. DATE PAYMENT DUE.--The tax [and the surcharge] imposed by the Leased Vehicle Gross Receipts Tax Act [are] is

to be paid on or before the twenty-fifth day of the month following the month in which the taxable event occurs."

Section 3. Section 7-14A-11 NMSA 1978 (being Laws 1991, Chapter 197, Section 15, as amended) is amended to read:

"7-14A-11. ADMINISTRATION.--

A. The department shall interpret the provisions of the Leased Vehicle Gross Receipts Tax Act.

B. The department shall administer and enforce the collection of the leased vehicle gross receipts tax [and the leased vehicle surcharge], and the Tax Administration Act applies to the administration and enforcement of the tax [and the surcharge]."

Section 4. REPEAL.--Section 7-14A-3.1 NMSA 1978 (being Laws 1993, Chapter 359, Section 1) is repealed.

Section 5. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 1999.