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

RELATING TO TAXATION; AMENDING SECTION 7-9-73.1 NMSA 1978 (BEING LAWS 1991, CHAPTER 8, SECTION 3, AS AMENDED) TO PROVIDE FOR DEDUCTION FROM GROSS RECEIPTS OF CERTAIN HOSPITAL GROSS RECEIPTS.

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

Section 1. Section 7-9-73.1 NMSA 1978 (being Laws 1991, Chapter 8, Section 3, as amended) is amended to read:

"7-9-73.1. DEDUCTION--GROSS RECEIPTS--HOSPITALS.--[Fifty percent of] The receipts of hospitals licensed by the department of health may be deducted from gross receipts as follows; provided, this deduction may be applied only to the taxable gross receipts remaining after all other appropriate deductions have been taken:

A. for the period from July 1, 1999 through June 30, 2000, seventy-five percent of the receipts; and

B. for the period after June 30, 2000, all receipts."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 1999.