SENATE BILL 540

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

INTRODUCED BY

Stuart Ingle

AN ACT

RELATING TO TAXATION; CREATING A GROSS RECEIPTS TAX DEDUCTION FOR THE RECEIPTS OF LICENSED NURSING HOMES.

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--NURSING HOMES.--The receipts of a nursing home licensed by the department of health may be deducted from gross receipts."

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

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