SENATE BILL 9

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

INTRODUCED BY

James G. Taylor

AN ACT

RELATING TO TAXATION; ELIMINATING DELAYED REPEAL OF GROSS RECEIPTS AND COMPENSATING TAX DEDUCTIONS FOR JET FUEL.

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

     Section 1. Section 7-9-83 NMSA 1978 (being Laws 1993, Chapter 364, Section 1, as amended) is amended to read:

     "7-9-83. DEDUCTION--GROSS RECEIPTS TAX--JET FUEL.--[A. From July 1, 2003 through June 30, 2007] Fifty-five percent of the receipts from the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted from gross receipts.

          [B. After June 30, 2007, forty percent of the receipts from the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted from gross receipts.]"

     Section 2. Section 7-9-84 NMSA 1978 (being Laws 1993, Chapter 364, Section 2, as amended) is amended to read:

     "7-9-84. DEDUCTION--COMPENSATING TAX--JET FUEL.--[A. From July 1, 2003 through June 30, 2007] Fifty-five percent of the value of the fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted in computing the compensating tax due.

          [B. After June 30, 2007, forty percent of the value of the fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted in computing the compensating tax due.]"

     Section 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2006.

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