0001|                         HOUSE BILL 606
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0002|     42ND LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION,
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0003|     1996
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0004|                         INTRODUCED BY
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0005|                       TERRY T. MARQUARDT
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0006|     
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0007|                                
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0008|     
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0009|     
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0010|     
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0011|                             AN ACT
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0012|     RELATING TO TAXATION; EXEMPTING FROM THE GROSS RECEIPTS TAX
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0013|     CERTAIN RECEIPTS FROM LEASING MOTOR VEHICLES TO QUALIFIED
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0014|     MILITARY PERSONNEL.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|       Section 1.  A new section of the Gross Receipts and
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0018|     Compensating Tax Act, Section 7-9-22.2 NMSA 1978, is enacted to
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0019|     read:
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0020|       "7-9-22.2.  [<u>NEW MATERIAL</u>]  EXEMPTION--MOTOR VEHICLE
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0021|     LEASES-FOREIGN MILITARY PERSONNEL.--
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0022|            A.  Exempted from the gross receipts tax are receipts
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0023|     from the leasing of motor vehicles to qualified foreign military
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0024|     personnel except for receipts subject to the leased vehicle
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0025|     gross receipts tax.
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0001|            B.  For the purposes of this section, "qualified
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0002|     foreign military personnel" means members of the armed forces of
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0003|     a nation other than the United States who are assigned to New
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0004|     Mexico pursuant to a military defense treaty to which the United
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0005|     States is party and who, under the terms of the military defense
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0006|     treaty, are permitted to purchase and register motor vehicles in
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0007|     New Mexico without the payment of the motor vehicle excise tax."
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0008|       Section 2.  EFFECTIVE DATE.--The effective date of the
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0009|     provisions of this act is July 1, 1996.
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0010|                              
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