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

RELATING TO GROSS RECEIPTS TAX DEDUCTIONS; PROVIDING FOR A DEDUCTION OF A PERCENTAGE OF GROSS RECEIPTS OF ADULT RESIDENTIAL CARE FACILITIES.

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 TAX--ADULT RESIDENTIAL CARE FACILITIES.--Twenty percent of the receipts of adult residential care facilities licensed by the department of health may be deducted from gross receipts; provided that this deduction may be applied only to the taxable gross receipts remaining after all other appropriate deductions have been taken."

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