44th legislature - STATE OF NEW MEXICO - second session, 2000
RELATING TO TAXATION; INCREASING THE GROSS RECEIPTS AND COMPENSATING TAX DEDUCTION FOR JET FUEL.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
Section 1. Section 7-9-83 NMSA 1978 (being Laws 1993, Chapter 364, Section 1) is amended to read:
"7-9-83. DEDUCTION--GROSS RECEIPTS TAX--JET FUEL.--[Forty percent of the] Receipts from the sale of fuel
specially prepared and sold for use in turboprop or jet-type
engines as determined by the department may be deducted from
gross receipts."
Section 2. Section 7-9-84 NMSA 1978 (being Laws 1993, Chapter 364, Section 2) is amended to read:
"7-9-84. DEDUCTION--COMPENSATING TAX--JET FUEL.--[Forty
percent of] The value of the fuel specially prepared and sold
for use in turboprop or jet-type engines as determined by the
department may be deducted [from the value of such fuel] in
computing the compensating tax due."
Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2000.