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

RELATING TO GROSS RECEIPTS TAXATION; PROVIDING A DEDUCTION FOR RECEIPTS FROM THE SALE OF INVESTMENT COINS OR INVESTMENT BULLION.

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--RECEIPTS FROM SALE OF COINS OR BULLION.--

A. Receipts from the sale of investment coins or investment bullion may be deducted from gross receipts.

B. For the purposes of this section:

(1) "investment bullion" means any precious metal, including gold, silver, platinum and palladium, that has been put through a process of refining and is in such a state or condition that its value depends on its precious metal content rather than its form; and

(2) "investment coins" means numismatic coins or other forms of money and legal tender manufactured of gold, silver, platinum, palladium or other metal and issued by the United States government or a foreign government with a fair market value greater than the face value of the coins."

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

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