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

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR COMMISSIONS FROM CERTAIN SALES BY INDEPENDENT CONTRACTORS.

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

Section 1. Section 7-9-66 NMSA 1978 (being Laws 1969, Chapter 144, Section 57) is amended to read:

"7-9-66. DEDUCTION--GROSS RECEIPTS TAX--COMMISSIONS.--

A. Receipts derived from commissions on sales of tangible personal property which are not subject to the gross receipts tax may be deducted from gross receipts.

B. Receipts of an independent contractor derived from commissions received for performing the service of selling tangible personal property that is not owned by the contractor may be deducted from gross receipts."

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