HOUSE BILL 678

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Ben Lujan

AN ACT

RELATING TO TAXATION; EXEMPTING FROM THE LEASED VEHICLE SURCHARGE VEHICLE LEASES TO PERSONS WITH VALID NEW MEXICO DRIVER'S LICENSES.

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.--

          A. There is imposed a surcharge, to be known as the "leased vehicle surcharge", on the leasing of a vehicle to another person by a person engaging in business in New Mexico if:

                (1) the lease is subject to the leased vehicle gross receipts tax; and

                (2) the vehicle is not leased to a person who has a valid New Mexico driver's license.

          B. The amount of [this] the leased vehicle 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, 2006.

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