HOUSE BILL 264

52nd legislature - STATE OF NEW MEXICO - second session, 2016

INTRODUCED BY

William "Bill" R. Rehm

AN ACT

RELATING TO TAXATION; EXEMPTING FROM THE GROSS RECEIPTS TAX RECEIPTS OF RACECAR DRIVERS FROM RACE PURSES.

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] EXEMPTION--GROSS RECEIPTS TAX--PURSE WINNINGS BY A RACECAR DRIVER.--Exempted from the gross receipts tax are the receipts of racecar drivers from race purses at New Mexico motor vehicle racetracks."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2016.

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