SENATE BILL 510

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

INTRODUCED BY

Steve Komadina

AN ACT

RELATING TO TAXATION; PROVIDING AN EXEMPTION FROM THE GROSS RECEIPTS TAX AND GOVERNMENTAL GROSS RECEIPTS TAX ON RECEIPTS FROM SALES AT MULTIPURPOSE SPORTS AND ENTERTAINMENT ARENAS OPERATED BY A NONPROFIT CORPORATION.

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--GOVERNMENTAL GROSS RECEIPTS TAX--RECEIPTS FROM SALES OF NONPROFIT MULTIPURPOSE SPORTS AND ENTERTAINMENT ARENAS.--

          A. Exempted from the gross receipts tax and the governmental gross receipts tax are receipts from selling tickets, parking, souvenirs, concessions, programs, advertising, sponsorship, naming rights, merchandise, corporate suites or boxes, club seats, broadcast rights and all other products, services or activities related to or occurring at a multipurpose sports and entertainment arena operated by a nonprofit organization.

          B. For the purposes of this section, "multipurpose sports and entertainment arena" means a facility located within the corporate limits of a municipality having a population of fifty thousand or more pursuant to the most recent federal decennial census that is operated for sporting, entertainment or other events throughout the year."

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

- 2 -