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 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 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 agricultural products, including the
ginning of cotton, transporting milk for the producer or
nonprofit marketing association from the farm to a milk
processing or dairy product manufacturing plant or processing,
testing or other preparation for growers, producers or
nonprofit marketing associations of [other] agricultural
products raised for food and fiber, including livestock, may
be deducted from gross receipts."
Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2000.