SENATE BILL 384

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

INTRODUCED BY

Leonard Lee Rawson

AN ACT

RELATING TO TAXATION; INCREASING THE RATE OF TAXATION FOR TOBACCO PRODUCTS.

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

     Section 1. Section 7-12A-3 NMSA 1978 (being Laws 1986, Chapter 112, Section 4, as amended) is amended to read:

     "7-12A-3. IMPOSITION AND RATE OF TAX--DENOMINATION AS "TOBACCO PRODUCTS TAX"--DATE PAYMENT OF TAX DUE.--

          A. For the manufacture or acquisition of tobacco products in New Mexico for sale in the ordinary course of business, there is imposed an excise tax at the rate of [twenty-five] thirty-five percent of the product value of the tobacco products.

          B. The tax imposed by Subsection A of this section may be referred to as the "tobacco products tax".

          C. The tobacco products tax shall be paid by the first purchaser on or before the twenty-fifth day of the month following the month in which the taxable event occurs."

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

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