HOUSE BILL 252

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

INTRODUCED BY

Larry A. Larrañaga

AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX EXEMPTION FOR CERTAIN PUBLIC SCHOOL PROJECTS.

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--PUBLIC SCHOOL PROJECTS.--Exempted from the gross receipts tax are the receipts from every contract for public school projects budgeted for less than two hundred fifty thousand dollars ($250,000) that the state or any political subdivision of the state is a party to for construction, alteration, demolition or repair, including painting and decorating."

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