0001|                           HOUSE BILL 1123
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                              BEN LUJAN
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0005|     
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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|                                AN ACT
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0011|     RELATING TO PROPERTY TAXATION; EXEMPTING FROM PROPERTY TAX THE
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0012|     TANGIBLE PERSONAL PROPERTY OF A PERSON IN A PROFESSION OR
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0013|     OCCUPATION THAT REQUIRES LICENSURE, CERTIFICATION OR
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0014|     REGISTRATION BY THE STATE.
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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.  Section 7-36-8 NMSA 1978 (being Laws 1973,
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0018|     Chapter 373, Section 1, as amended) is amended to read:
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0019|          "7-36-8.  TANGIBLE PERSONAL PROPERTY EXEMPT FROM PROPERTY
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0020|     TAX--EXCEPTIONS.--
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0021|               A.  Except as provided in Subsection B of this
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0022|     section, tangible personal property owned by a person is exempt
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0023|     from property taxation.
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0024|               B.  The following tangible personal property owned
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0025|     by a person is subject to valuation and taxation under the
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0001|     Property Tax Code:
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0002|                    (1)  livestock;
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0003|                    (2)  manufactured homes;
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0004|                    (3)  aircraft not registered under the Aircraft
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0005|     Registration Act;
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0006|                    (4)  private railroad cars, the earnings of
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0007|     which are not taxed under the provisions of the Railroad Car
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0008|     Company Tax Act;
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0009|                    (5)  tangible personal property subject to
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0010|     valuation under Sections 7-36-22 through 7-36-25 and 7-36-27
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0011|     through 7-36-32 NMSA 1978; 
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0012|                    (6)  vehicles not registered under the
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0013|     provisions of the Motor Vehicle Code and for which the owner
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0014|     has claimed a deduction for depreciation for federal income tax
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0015|     purposes during any federal income taxable year occurring in
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0016|     whole or in part during the twelve months immediately preceding
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0017|     the first day of the property tax year; and
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0018|                    (7)  other tangible personal property not
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0019|     specified in Paragraphs (1) through (6) of this subsection:
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0020|                         (a)  that is used, produced,
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0021|     manufactured, held for sale, leased or maintained by a person
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0022|     for purposes of the person's profession, business or
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0023|     occupation, <u>other than for purposes of a profession or
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<u></u>0024| <u>    occupation that requires licensure, certification or
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<u></u>0025| <u>    registration pursuant to state law</u>; and 
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0001|                         (b)  for which the owner has claimed a
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0002|     deduction for depreciation for federal income tax purposes
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0003|     during any federal income taxable year occurring in whole or in
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0004|     part during the twelve months immediately preceding the first
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0005|     day of the property tax year."
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0006|          Section 2.  APPLICABILITY.--The provisions of this act
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0007|     apply to the 1998 and subsequent property tax years.
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0008|                              
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