HOUSE BILL 512

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

INTRODUCED BY

Daniel R. Foley

AN ACT

RELATING TO TAXATION; CREATING A DEDUCTION FROM GROSS RECEIPTS FOR COAL USED IN ELECTRICITY GENERATION.

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--COAL USED IN ELECTRICITY GENERATION.--Receipts from the sale of coal for use in the generation of electricity in New Mexico may be deducted from gross receipts."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2004.

.150431.1