SENATE BILL 223

45th legislature - STATE OF NEW MEXICO - second session, 2002

INTRODUCED BY

John Arthur Smith





FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE



AN ACT

RELATING TO TAXATION; DELAYING AN INCREASE IN THE RATE OF THE RESOURCES TAX AND THE PROCESSORS TAX ON COPPER.

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

Section 1. Laws 1999, Chapter 177, Section 5 is amended to read:

"Section 5. APPLICABILITY.--The provisions of Sections 1 and 3 of [this act] Laws 1999, Chapter 177 shall apply to taxable events occurring on and after July 1, 1999 and prior to [July 1, 2002] July 1, 2005. The provisions of Sections 2 and 4 of [this act] Laws 1999, Chapter 177 shall apply to taxable events occurring on and after [July 1, 2002] July 1, 2005."

Section 2. Laws 1999, Chapter 177, Section 6 is amended to read:

"Section 6. EFFECTIVE DATE.--The effective date of the provisions of Sections 1 and 3 of [this act] Laws 1999, Chapter 177 is July 1, 1999. The effective date of the provisions of Sections 2 and 4 of [this act] Laws 1999, Chapter 177 is [July 1, 2002] July 1, 2005."

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