HOUSE BILL 62

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

INTRODUCED BY

Debbie A. Rodella





FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE



AN ACT

RELATING TO TAXATION; INCREASING THE GROSS RECEIPTS AND COMPENSATING TAX DEDUCTIONS FOR JET FUEL FROM FORTY PERCENT TO ONE HUNDRED PERCENT.



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

Section 1. Section 7-1-6.7 NMSA 1978 (being Laws 1994, Chapter 5, Section 2, as amended) is amended to read:

"7-1-6.7. DISTRIBUTIONS--STATE AVIATION FUND.--

[A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to three and fifty-nine hundredths percent of the gross receipts attributable to the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department.

B.] A. A distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to twenty-six hundredths [of one] percent of gasoline taxes, exclusive of penalties and interest, collected pursuant to the Gasoline Tax Act.

[C.] B. From July 1, 2002 through June 30, 2007, a distribution pursuant to Section 7-1-6.1 NMSA 1978 shall be made to the state aviation fund in an amount equal to forty-six thousandths [of one] percent of the net receipts attributable to the gross receipts tax distributable to the general fund."

Section 2. 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 3. 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 4. EFFECTIVE DATE.--

A. The effective date of the provisions of Section 1 of this act is August 1, 2003.

B. The effective date of the provisions of Sections 2 and 3 of this act is July 1, 2003.

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