SENATE FINANCE COMMITTEE SUBSTITUTE FOR

SENATE BILL 188

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

AN ACT

RELATING TO TAXATION; PROVIDING A DEDUCTION FROM GROSS RECEIPTS FOR RECEIPTS FROM ADMISSIONS TO CERTAIN NONATHLETIC EVENTS AT POST-SECONDARY EDUCATIONAL INSTITUTIONS.

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--SPECIAL EVENT AT POST-SECONDARY EDUCATIONAL INSTITUTION.--Receipts from admission to a nonathletic special event held at a venue that is at a post-secondary educational institution within fifty miles of the state border and that accommodates at least two thousand five hundred persons may be deducted from gross receipts."

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

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