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

RELATING TO TAXATION; INCREASING THE GROSS RECEIPTS AND COMPENSATING TAX DEDUCTION FOR JET FUEL; AMENDING SECTIONS OF THE GROSS RECEIPTS AND COMPENSATING TAX ACT.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. Section 7-9-83 NMSA 1978 (being Laws 1993, Chapter 364, Section 1) is amended to read:

"7-9-83. DEDUCTION--GROSS RECEIPTS TAX--JET FUEL.--[Forty percent of the] Receipts from the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted from gross receipts."

Section 2. Section 7-9-84 NMSA 1978 (being Laws 1993, Chapter 364, Section 2) is amended to read:

"7-9-84. DEDUCTION--COMPENSATING TAX--JET FUEL.--[Forty percent of] The value of the fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted from the value of such fuel in computing the compensating tax due."

Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2001.