SENATE BILL 382

57th legislature - STATE OF NEW MEXICO - first session, 2025

INTRODUCED BY

Candy Spence Ezzell

 

 

 

 

 

AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR THE SALE OF GOLD OR SILVER COINS AND GOLD OR SILVER BULLION.

 

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

     SECTION 1. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:

     "[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS--SALE OF GOLD OR SILVER COINS AND BULLION.--

          A. Receipts from the sale of gold or silver coins and gold or silver bullion may be deducted from gross receipts.

          B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department.

          C. The deduction provided by this section is a tax expenditure and shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the total annual aggregate cost of the deduction.

          D. As used in this section, "gold or silver bullion" means gold or silver and any combination thereof:

                (1) that has gone through a refining process;

                (2) that is in a state or condition such that its value depends on its mass and purity and not on its form, numismatic value or other value;

                (3) that may contain other metals or substances; provided that the other substances by themselves have minimal value compared with the value of the gold or silver;

                (4) including bars, ingots and rounds; and

                (5) excluding jewelry, works of art or novelty or commemorative pieces."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2025.

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