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

RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR RECEIPTS FROM PROMOTING CERTAIN PROFESSIONAL ATHLETIC CONTESTS.

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--PROFESSIONAL ATHLETIC CONTEST PROMOTIONS.--Receipts from promoting professional athletic contests on which there is imposed a privilege tax pursuant to Section 60-2A-23 NMSA 1978 may be deducted from gross receipts."

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

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