HOUSE BILL 42

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Brian K. Moore

AN ACT

RELATING TO TAXATION; EXPANDING THE GROSS RECEIPTS TAX DEDUCTION FOR WIND ENERGY GENERATION EQUIPMENT.

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

     Section 1. Section 7-9-54.3 NMSA 1978 (being Laws 2002, Chapter 37, Section 8) is amended to read:

     "7-9-54.3. DEDUCTION--GROSS RECEIPTS TAX--WIND ENERGY GENERATION EQUIPMENT [SALES TO GOVERNMENT AGENCIES].--Receipts from selling wind generation nacelles, rotors or related equipment [to the United States or New Mexico or any governmental unit or subdivision, agency, department or instrumentality thereof], if such equipment is installed on a supporting structure, may be deducted from gross receipts."

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2005.