HOUSE BILL 703

45th legislature - STATE OF NEW MEXICO - first session, 2001

INTRODUCED BY

Debbie A. Rodella







AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS DEDUCTION FOR RECEIPTS FROM THE SALE OF FIREWOOD AND PELLETS FOR PELLET STOVES.



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--FIREWOOD AND PELLETS FOR PELLET STOVES.--Receipts from the sale of firewood and pellets for pellet stoves may be deducted from gross receipts."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2001.

.135029.1