SENATE BILL 430

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

INTRODUCED BY

Timothy Z. Jennings

AN ACT

RELATING TO TAXATION; EXEMPTING NEW MEXICO RESIDENTS FROM THE LEASED VEHICLE SURCHARGE.

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

     Section 1. Section 7-14A-3.1 NMSA 1978 (being Laws 1993, Chapter 359, Section 1) is amended to read:

     "7-14A-3.1. IMPOSITION AND RATE--LEASED VEHICLE SURCHARGE.--There is imposed a surcharge on the leasing of a vehicle to [another] a person who is not a New Mexico resident by a person engaging in business in New Mexico if the lease is subject to the leased vehicle gross receipts tax. The amount of this surcharge is two dollars ($2.00) for each day [each] the vehicle is leased by the person. The surcharge may be referred to as the "leased vehicle surcharge"."

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

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