HOUSE BILL 60

46th legislature - STATE OF NEW MEXICO - second session, 2004

INTRODUCED BY

Joe M. Stell

AN ACT

RELATING TO TAXATION; AMENDING THE GROSS RECEIPTS AND COMPENSATING TAX ACT TO PROVIDE AN EXEMPTION FROM THE GROSS RECEIPTS TAX FOR WATER CONSERVATION.

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] EXEMPTION--GROSS RECEIPTS TAX--WATER CONSERVATION TECHNOLOGIES.--Exempted from the gross receipts tax are receipts from the sale and installation of water conservation equipment for irrigation of agricultural land, including drip irrigation and low-energy precision application technologies. The state engineer and interstate stream commission shall cooperate with New Mexico state university and New Mexico institute of mining and technology to develop standards for water-conserving irrigation technologies eligible for the tax exemption provided in this section."

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