State of New Mexico
                      House of Representatives
  
                      FORTY-THIRD LEGISLATURE
                        FIRST SESSION, 1997
  
  
                                                   March 10, 1997
  
  
  Mr. Speaker:
  
       Your TAXATION AND REVENUE COMMITTEE, to whom has
  been referred
  
                        HOUSE BILL 141
  
  has had it under consideration and reports same with
  recommendation that it DO PASS, amended as follows:
  
       1.  On page 3, line 9, strike the closing quotation mark and
  between lines 9 and 10, insert the following new subsection:
  
            "E.  Nothing in an agreement entered into pursuant to
  this section shall apply to a taxable transaction subject to the
  taxing authority of a municipality pursuant to a local option gross
  receipts tax act."".
  
       2.  On page 3, line 21, before the period insert:
  
  ", provided that no credit shall be allowed against any gross
  receipts tax due on a transaction subject to the taxing authority of
  a municipality pursuant to a local option gross receipts tax act".,
  
  and thence referred to the JUDICIARY COMMITTEE.
  
                                Respectfully submitted,
  
  
  
                                                                 
                                                              Jerry W. Sandel, Chairman
  
  
  Adopted                       Not Adopted                       
            (Chief Clerk)                       (Chief Clerk)
  
                         Date             
  
  The roll call vote was 12  For 0  Against
  Yes:      12
            Excused:  Porter
            Absent:   None
  
  
  .118130.1
  G:\BILLTEXT\AMEND_97\H0141TR1