46th legislature - STATE OF NEW MEXICO - first session, 2003

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR RECEIPTS FROM CERTAIN PROFESSIONAL ATHLETIC COMPETITIONS.

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--RECEIPTS OF PROMOTER FROM PROFESSIONAL CONTEST.--

A. Receipts of a promoter from a professional contest that are subject to the privilege tax imposed pursuant to Section 60-2A-23 NMSA 1978 and on which that privilege tax has been paid may be deducted from gross receipts.

B. For the purposes of this section, "professional contest" and "promoter" have the meaning ascribed to them in the Professional Athletic Competition Act."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2003.