March 31, 2000

Mr. President:

Your FINANCE COMMITTEE, to whom has been referred

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 1, line 11, strike "A GROSS RECEIPTS DEDUCTION" and insert in lieu thereof "GROSS RECEIPTS DEDUCTIONS".

2. On page 1, line 13, before the semicolon, insert "AND THE RECEIPTS OF ANY PERSON FOR CERTAIN AIRCRAFT SERVICES".

3. On page 2, between lines 22 and 23, insert the following new section:

"Section 2. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:

"[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS TAX--AIRCRAFT SERVICES.--Receipts from refurbishing, remodeling or otherwise modifying transport category aircraft over sixty-five thousand pounds gross landing weight may be deducted from gross receipts. As used in this section, "refurbishing, remodeling or otherwise modifying" does not include routine line maintenance of such aircraft."

4. Renumber the succeeding sections accordingly.".

Respectfully submitted,

__________________________________

Ben D. Altamirano, Chairman

Adopted_______________________ Not Adopted_______________________

(Chief Clerk) (Chief Clerk)

Date ________________________

The roll call vote was 7 For 1 Against

Yes: 7

No: Tsosie

Excused: Campos, Carraro, Eisenstadt, Ingle, McKibben

Absent: None

SB0040FC1 .133164.1