44th legislature - STATE OF NEW MEXICO - second session, 2000

RELATING TO TAXATION; AMENDING A SECTION OF THE GROSS RECEIPTS AND COMPENSATING TAX ACT PERTAINING TO A GROSS RECEIPTS TAX DEDUCTION FOR TRANSPORTING, PROCESSING AND OTHER HANDLING AND TREATMENT OF AGRICULTURAL PRODUCTS.

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

Section 1. Section 7-9-59 NMSA 1978 (being Laws 1969, Chapter 144, Section 49, as amended) is amended to read:

"7-9-59. DEDUCTION--GROSS RECEIPTS TAX--WAREHOUSING, THRESHING, HARVESTING, GROWING, CULTIVATING, TRANSPORTING AND PROCESSING AGRICULTURAL PRODUCTS.--

A. Receipts from warehousing grain or other agricultural products may be deducted from gross receipts.

B. Receipts from threshing, cleaning, growing, cultivating, [or] harvesting, ginning, transporting unprocessed agricultural products [including the ginning of cotton] or processing for growers, producers or nonprofit marketing associations of [other] agricultural products raised or produced for food and fiber, including livestock and milk, may be deducted from gross receipts."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2000.