FIFTIETH LEGISLATURESB 326/a
FIRST SESSION, 2011
March 8, 2011
Mr. President:
Your FINANCE COMMITTEE, to whom has been referred
SENATE BILL 326
has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:
1. On page 2, line 7, after "disallowed", insert "except as provided in Subsection E of this section".
2. On page 3, line 5, strike "7-9-47,".
3. On page 5, line 10, strike the ending quotation marks and between lines 10 and 11, insert the following:
"E. The secretary or secretary's delegate may accept other evidence, as specified by rule, to support the deduction provided pursuant to Section 7-9-47 NMSA 1978 for the sale of tangible personal property if a taxpayer is unable to provide a nontaxable transaction certificate within the sixty-day period specified in Subsection A of this section:
(1) prior to the issuance of an audit assessment; or
(2) if the audit assessment is protested, prior to either the taxpayer's withdrawal of the protest or the formal hearing of the protest; provided, however, that the protest in this paragraph is acknowledged by the department prior to December 31, 2011."
SECTION 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.".
4. On page 5, strike lines 11 through 25 in their entirety and on page 6, strike lines 1 through 7 in their entirety.
___________________________________
John Arthur Smith, Chairman
Adopted_______________________ Not Adopted_______________________
(Chief Clerk) (Chief Clerk)
Date ________________________
The roll call vote was 9 For 0 Against
Yes: 9
No: 0
Excused: Campos, Leavell
Absent: None
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