0001| HOUSE BILL 100
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0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003| INTRODUCED BY
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0004| JERRY W. SANDEL
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0005|
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0006|
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0007|
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0008| FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE
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0009|
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0010| AN ACT
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0011| RELATING TO TAXATION; REDUCING PERSONAL INCOME TAX RATES;
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0012| INCREASING AND EXPANDING ELIGIBILITY FOR LOW-INCOME TAX
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0013| REBATES; PROVIDING A DEDUCTION FROM GROSS RECEIPTS AND
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0014| GOVERNMENTAL GROSS RECEIPTS FOR RECEIPTS FROM THE SALE OF
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0015| PRESCRIPTION DRUGS; ABOLISHING THE PRESCRIPTION DRUG TAX
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0016| CREDIT; AMENDING, REPEALING AND ENACTING SECTIONS OF THE NMSA
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0017| 1978.
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0018|
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0019| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0020| Section 1. Section 7-2-7 NMSA 1978 (being Laws 1994,
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0021| Chapter 5, Section 20) is amended to read:
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0022| "7-2-7. INDIVIDUAL INCOME TAX RATES.--The tax imposed by
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0023| Section 7-2-3 NMSA 1978 shall be at the following rates for
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0024| any taxable year beginning on or after January 1, [1996]
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0025| 1998:
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- 1 -
0001| A. For married individuals filing separate
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0002| returns:
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0003| If the taxable income is: The tax shall be:
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0004| [Not over $4,000 1.7% of taxable income
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Over $ 4,000 but not over $ 8,000 $ 68.00 plus 3.2% of
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excess over $ 4,000
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Over $ 8,000 but not over $ 12,000 $ 196 plus 4.7% of
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excess over $ 8,000
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Over $ 12,000 but not over $ 20,000 $ 384 plus 6.0% of
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excess over $ 12,000
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Over $ 20,000 but not over $ 32,000 $ 864 plus 7.1% of
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excess over $ 20,000
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Over $ 32,000 but not over $ 50,000 $ 1,716 plus 7.9% of
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excess over $ 32,000
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Over $ 50,000 $ 3,138 plus 8.5% of
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excess over $ 50,000]
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0017| Not over $4,000 1.6% of
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0018| taxable income
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0019| Over $ 4,000 but not over $ 8,000 $ 64.00 plus 3.1% of
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0020| excess over $ 4,000
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0021| Over $ 8,000 but not over $ 12,000 $ 188 plus 4.5% of
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0022| excess over $ 8,000
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0023| Over $ 12,000 but not over $ 20,000 $ 368 plus 5.8% of
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0024| excess over $ 12,000
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0025| Over $ 20,000 but not over $ 32,000 $ 832 plus 6.8% of
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- 2 -
0001| excess over $ 20,000
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0002| Over $ 32,000 but not over $ 50,000 $ 1,648 plus 7.6% of
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0003| excess over $ 32,000
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0004| Over $ 50,000 $ 3,016 plus 7.9% of
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0005| excess over $
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0006| 50,000.
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0007| B. For surviving spouses and married individuals
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0008| filing joint returns:
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0009| If the taxable income is: The tax shall be:
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0010| [Not over $8,000 1.7% of taxable income
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Over $ 8,000 but not over $ 16,000 $ 136 plus 3.2% of
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excess over $ 8,000
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Over $ 16,000 but not over $ 24,000 $ 392 plus 4.7% of
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excess over $ 16,000
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Over $ 24,000 but not over $ 40,000 $ 768 plus 6.0% of
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excess over $ 24,000
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Over $ 40,000 but not over $ 64,000 $ 1,728 plus 7.1% of
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excess over $ 40,000
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Over $ 64,000 but not over $100,000 $ 3,432 plus 7.9% of
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excess over $ 64,000
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Over $100,000 $ 6,276 plus 8.5% of
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excess over $100,000]
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0023| Not over $8,000 1.6% of
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0024| taxable income
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0025| Over $ 8,000 but not over $ 16,000 $ 128 plus 3.1% of
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- 3 -
0001| excess over $ 8,000
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0002| Over $ 16,000 but not over $ 24,000 $ 376 plus 4.5% of
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0003| excess over $ 16,000
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0004| Over $ 24,000 but not over $ 40,000 $ 736 plus 5.8% of
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0005| excess over $ 24,000
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0006| Over $ 40,000 but not over $ 64,000 $ 1,664 plus 6.8% of
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0007| excess over $ 40,000
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0008| Over $ 64,000 but not over $100,000 $ 3,296 plus 7.6% of
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0009| excess over $ 64,000
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0010| Over $100,000 $ 6,032 plus 7.9% of
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0011| excess over
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0012| $100,000.
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0013| C. For single individuals and for estates and
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0014| trusts:
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0015| If the taxable income is: The tax shall be:
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0016| [Not over $5,500 1.7% of taxable income
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Over $ 5,500 but not over $ 11,000 $ 93.50 plus 3.2% of
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excess over $ 5,500
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Over $ 11,000 but not over $ 16,000 $ 269.50 plus 4.7% of
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excess over $ 11,000
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Over $ 16,000 but not over $ 26,000 $ 504.50 plus 6.0% of
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excess over $ 16,000
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Over $ 26,000 but not over $ 42,000 $1,104.50 plus 7.1% of
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excess over $ 26,000
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Over $ 42,000 but not over $ 65,000 $2,240.50 plus 7.9% of
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- 4 -
excess over $ 42,000
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Over $ 65,000 $4,057.50 plus 8.5% of
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excess over $ 65,000]
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0004| Not over $5,500 1.6% of
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0005| taxable income
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0006| Over $ 5,500 but not over $ 11,000 $ 88.00 plus 3.1%
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0007| of excess over $ 5,500
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0008| Over $ 11,000 but not over $ 16,000 $ 258.50 plus 4.5%
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0009| of excess over $ 11,000
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0010| Over $ 16,000 but not over $ 26,000 $ 483.50 plus 5.8%
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0011| of excess over $ 16,000
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0012| Over $ 26,000 but not over $ 42,000 $1,063.50 plus 6.8%
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0013| of excess over $ 26,000
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0014| Over $ 42,000 but not over $ 65,000 $2,151.50 plus 7.6%
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0015| of excess over $ 42,000
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0016| Over $ 65,000 $3,899.50 plus 7.9%
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0017| of excess over $
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0018| 65,000.
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0019| D. For heads of household filing returns:
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0020| If the taxable income is: The tax shall be:
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0021| [Not over $7,000 1.7% of taxable income
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Over $ 7,000 but not over $ 14,000 $ 119 plus 3.2% of
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excess over $ 7,000
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Over $ 14,000 but not over $ 20,000 $ 343 plus 4.7% of
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excess over $ 14,000
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- 5 -
Over $ 20,000 but not over $ 33,000 $ 625 plus 6.0% of
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excess over $ 20,000
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Over $ 33,000 but not over $ 53,000 $1,405 plus 7.1% of
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excess over $ 33,000
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Over $ 53,000 but not over $ 83,000 $2,825 plus 7.9% of
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excess over $ 53,000
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Over $ 83,000 $5,195 plus 8.5% of
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excess over $ 83,000]
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0009| Not over $7,000 1.6% of
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0010| taxable income
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0011| Over $ 7,000 but not over $ 14,000 $ 112 plus 3.1% of
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0012| excess over $ 7,000
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0013| Over $ 14,000 but not over $ 20,000 $ 329 plus 4.5% of
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0014| excess over $ 14,000
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0015| Over $ 20,000 but not over $ 33,000 $ 599 plus 5.8% of
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0016| excess over $ 20,000
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0017| Over $ 33,000 but not over $ 53,000 $1,353 plus 6.8% of
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0018| excess over $ 33,000
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0019| Over $ 53,000 but not over $ 83,000 $2,713 plus 7.6% of
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0020| excess over $ 53,000
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0021| Over $ 83,000 $4,993 plus 7.9% of
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0022| excess over $
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0023| 83,000.
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0024| E. The tax on the sum of any lump-sum amounts
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0025| included in net income is an amount equal to five multiplied
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0001| by the difference between:
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0002| (1) the amount of tax due on the taxpayer's
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0003| taxable income; and
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0004| (2) the amount of tax that would be due on an
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0005| amount equal to the taxpayer's taxable income and twenty
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0006| percent of the taxpayer's lump-sum amounts included in net
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0007| income."
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0008| Section 2. Section 7-2-14 NMSA 1978 (being Laws 1972,
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0009| Chapter 20, Section 2, as amended) is amended to read:
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0010| "7-2-14. LOW-INCOME COMPREHENSIVE TAX REBATE.--
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0011| A. Except as otherwise provided in Subsection B of
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0012| this section, any resident who files an individual New Mexico
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0013| income tax return and who is not a dependent of another
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0014| individual may claim a tax rebate for a portion of state and
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0015| local taxes to which the resident has been subject during the
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0016| taxable year for which the return is filed. The tax rebate
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0017| may be claimed even though the resident has no income taxable
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0018| under the Income Tax Act. A husband and wife who file
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0019| separate returns for a taxable year in which they could have
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0020| filed a joint return may each claim only one-half of the tax
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0021| rebate that would have been allowed on a joint return.
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0022| B. No claim for the tax rebate provided in this
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0023| section shall be filed by a resident who was an inmate of a
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0024| public institution for more than six months during the taxable
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0025| year for which the tax rebate could be claimed or who was not
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0001| physically present in New Mexico for at least six months
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0002| during the taxable year for which the tax rebate could be
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0003| claimed.
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0004| C. For the purposes of this section, the total
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0005| number of exemptions for which a tax rebate may be claimed or
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0006| allowed is determined by adding the number of federal
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0007| exemptions allowable for federal income tax purposes for each
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0008| individual included in the return who is domiciled in New
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0009| Mexico plus two additional exemptions for each individual
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0010| domiciled in New Mexico included in the return who is
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0011| sixty-five years of age or older plus one additional exemption
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0012| for each individual domiciled in New Mexico included in the
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0013| return who, for federal income tax purposes, is blind plus one
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0014| exemption for each minor child or stepchild of the resident
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0015| who would be a dependent for federal income tax purposes if
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0016| the public assistance contributing to the support of the child
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0017| or stepchild was considered to have been contributed by the
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0018| resident.
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0019| D. The tax rebate provided for in this section may
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0020| be claimed in the amount shown in the following table:
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0021| Modified gross And the total number
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0022| income is: of exemptions is:
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0023| But Not 6 or
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0024| Over Over 1 2 3 4 5 More
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0025| [$ 0 $ 500 $120 $150 $175 $200 $225 $320
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- 8 -
500 1,000 135 185 225 265 300 415
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1,000 1,500 135 190 235 290 325 435
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1,500 2,000 135 190 235 290 325 450
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2,000 2,500 135 190 240 290 325 450
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2,500 3,000 135 190 240 290 325 450
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3,000 3,500 135 190 240 290 325 450
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3,500 4,000 135 190 240 300 335 450
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4,000 4,500 135 190 240 300 355 450
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4,500 5,000 115 150 205 300 355 450
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5,000 5,500 95 130 165 260 355 430
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5,500 6,000 75 110 145 220 315 410
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6,000 6,500 55 90 125 180 275 370
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6,500 7,000 35 70 105 140 235 330
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7,000 7,500 15 50 85 120 195 290
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7,500 8,000 10 20 50 80 130 220
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8,000 8,500 10 20 30 60 90 180
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8,500 9,000 10 20 30 40 70 140
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9,000 9,500 10 20 30 40 60 100
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9,500 10,000 10 20 30 40 50 80
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10,000 10,500 10 20 30 40 50 60
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10,500 11,000 10 20 30 40 50 60
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11,000 11,500 10 20 30 40 50 60
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11,500 12,000 5 10 15 20 25 30
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12,000 12,500 5 10 15 20 25 30
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12,500 13,000 5 10 15 20 25 30
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- 9 -
13,000 13,500 5 10 15 20 25 30
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13,500 14,000 5 10 15 20 25 30]
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0003| $ 0 $ 500 $ 145 $ 180 $ 210 $ 240 $ 270 $ 350
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0004| 500 1,000 165 225 270 320 350 450
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0005| 1,000 1,500 165 230 290 350 390 480
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0006| 1,500 2,000 165 230 290 350 390 495
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0007| 2,000 2,500 165 230 290 350 390 495
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0008| 2,500 3,000 165 230 290 350 390 495
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0009| 3,000 3,500 165 230 290 350 390 495
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0010| 3,500 4,000 165 230 290 350 390 495
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0011| 4,000 4,500 165 230 290 350 390 495
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0012| 4,500 5,000 140 180 250 330 380 470
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0013| 5,000 5,500 115 160 200 315 370 455
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0014| 5,500 6,000 90 135 175 265 340 435
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0015| 6,000 6,500 80 125 165 240 330 395
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0016| 6,500 7,000 70 110 150 220 300 370
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0017| 7,000 7,500 70 110 150 220 300 370
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0018| 7,500 8,000 55 110 165 220 275 330
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0019| 8,000 8,500 55 110 165 220 275 330
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0020| 8,500 9,000 45 90 135 180 225 270
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0021| 9,000 9,500 40 80 120 160 200 240
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0022| 9,500 10,000 40 80 120 160 200 240
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0023| 10,000 10,500 30 60 90 120 150 180
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0024| 10,500 11,000 30 60 90 120 150 180
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0025| 11,000 11,500 30 60 90 120 150 180
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0001| 11,500 12,000 30 60 90 120 150 180
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0002| 12,000 12,500 25 50 75 100 125 150
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0003| 12,500 13,000 25 50 75 100 125 150
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0004| 13,000 13,500 25 50 75 100 125 150
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0005| 13,500 14,000 25 50 75 100 125 150
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0006| 14,000 14,500 25 50 75 100 125 150
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0007| 14,500 15,000 25 50 75 100 125 150
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0008| 15,000 15,500 20 40 60 80 100 120
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0009| 15,500 16,000 20 40 60 80 100 120
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0010| 16,000 16,500 20 40 60 80 100 120
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0011| 16,500 17,000 20 40 60 80 100 120
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0012| 17,000 17,500 20 40 60 80 100 120
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0013| 17,500 18,000 20 40 60 80 100 120.
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0014| E. If a taxpayer's modified gross income is zero,
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0015| the taxpayer may claim a credit in the amount shown in the
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0016| first row of the table appropriate for the taxpayer's number
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0017| of exemptions.
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0018| F. The tax rebates provided for in this section may
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0019| be deducted from the taxpayer's New Mexico income tax
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0020| liability for the taxable year. If the tax rebates exceed the
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0021| taxpayer's income tax liability, the excess shall be refunded
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0022| to the taxpayer.
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0023| G. For purposes of this section, "dependent" means
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0024| "dependent" as defined by Section 152 of the Internal Revenue
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0025| Code of 1986, as that section may be amended or renumbered,
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0001| but also includes any minor child or stepchild of the resident
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0002| who would be a dependent for federal income tax purposes if
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0003| the public assistance contributing to the support of the child
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0004| or stepchild was considered to have been contributed by the
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0005| resident."
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0006| Section 3. Section 7-9-3 NMSA 1978 (being Laws 1978,
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0007| Chapter 46, Section 1, as amended) is amended to read:
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0008| "7-9-3. DEFINITIONS.--As used in the Gross Receipts and
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0009| Compensating Tax Act:
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0010| A. "department" means the taxation and revenue
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0011| department, the secretary of taxation and revenue or any
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0012| employee of the department exercising authority lawfully
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0013| delegated to that employee by the secretary;
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0014| B. "buying" or "selling" means any transfer of
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0015| property for consideration or any performance of service for
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0016| consideration;
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0017| C. "construction" means building, altering,
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0018| repairing or demolishing in the ordinary course of business
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0019| any:
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0020| (1) road, highway, bridge, parking area or
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0021| related project;
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0022| (2) building, stadium or other structure;
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0023| (3) airport, subway or similar facility;
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0024| (4) park, trail, athletic field, golf course
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0025| or similar facility;
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0001| (5) dam, reservoir, canal, ditch or similar
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0002| facility;
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0003| (6) sewerage or water treatment facility,
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0004| power generating plant, pump station, natural gas compressing
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0005| station, gas processing plant, coal gasification plant,
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0006| refinery, distillery or similar facility;
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0007| (7) sewerage, water, gas or other pipeline;
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0008| (8) transmission line;
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0009| (9) radio, television or other tower;
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0010| (10) water, oil or other storage tank;
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0011| (11) shaft, tunnel or other mining
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0012| appurtenance;
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0013| (12) microwave station or similar facility;
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0014| or
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0015| (13) similar work;
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0016| "construction" also means:
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0017| (14) leveling or clearing land;
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0018| (15) excavating earth;
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0019| (16) drilling wells of any type, including
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0020| seismograph shot holes or core drilling; or
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0021| (17) similar work;
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0022| D. "financial corporation" means any savings and
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0023| loan association or any incorporated savings and loan company,
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0024| trust company, mortgage banking company, consumer finance
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0025| company or other financial corporation;
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0001| E. "engaging in business" means carrying on or
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0002| causing to be carried on any activity with the purpose of
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0003| direct or indirect benefit;
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0004| F. "gross receipts" means the total amount of money
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0005| or the value of other consideration received from selling
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0006| property in New Mexico, from leasing property employed in New
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0007| Mexico, from selling services performed outside New Mexico the
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0008| product of which is initially used in New Mexico or from
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0009| performing services in New Mexico. In an exchange in which
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0010| the money or other consideration received does not represent
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0011| the value of the property or service exchanged, "gross
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0012| receipts" means the reasonable value of the property or
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0013| service exchanged.
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0014| (1) "Gross receipts" includes:
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0015| (a) any receipts from sales of tangible
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0016| personal property handled on consignment;
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0017| (b) the total commissions or fees
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0018| derived from the business of buying, selling or promoting the
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0019| purchase, sale or leasing, as an agent or broker on a
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0020| commission or fee basis, of any property, service, stock, bond
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0021| or security;
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0022| (c) amounts paid by members of any
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0023| cooperative association or similar organization for sales or
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0024| leases of personal property or performance of services by such
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0025| organization; and
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0001| (d) amounts received from transmitting
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0002| messages or conversations by persons providing telephone or
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0003| telegraph services.
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0004| (2) "Gross receipts" excludes:
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0005| (a) cash discounts allowed and taken;
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0006| (b) New Mexico gross receipts tax,
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0007| governmental gross receipts tax and leased vehicle gross
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0008| receipts tax payable on transactions for the reporting period;
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0009| (c) taxes imposed pursuant to the
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0010| provisions of any local option gross receipts tax that is
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0011| payable on transactions for the reporting period;
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0012| (d) any gross receipts or sales taxes
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0013| imposed by an Indian nation, tribe or pueblo; provided that
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0014| the tax is approved, if approval is required by federal law or
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0015| regulation, by the secretary of the interior of the United
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0016| States; and provided further that the gross receipts or sales
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0017| tax imposed by the Indian nation, tribe or pueblo provides a
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0018| reciprocal exclusion for gross receipts, sales or gross
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0019| receipts-based excise taxes imposed by the state or its
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0020| political subdivisions;
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0021| (e) any type of time-price differential;
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0022| and
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0023| (f) amounts received solely on behalf of
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0024| another in a disclosed agency capacity.
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0025| (3) When the sale of property or service is
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- 15 -
0001| made under any type of charge, conditional or time-sales
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0002| contract or the leasing of property is made under a leasing
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0003| contract, the seller or lessor may elect to treat all
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0004| receipts, excluding any type of time-price differential, under
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0005| such contracts as gross receipts as and when the payments are
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0006| actually received. If the seller or lessor transfers his
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0007| interest in any such contract to a third person, the seller or
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0008| lessor shall pay the gross receipts tax upon the full sale or
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0009| leasing contract amount, excluding any type of time-price
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0010| differential;
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0011| G. "manufacturing" means combining or processing
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0012| components or materials to increase their value for sale in
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0013| the ordinary course of business, but does not include
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0014| construction;
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0015| H. "person" means:
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0016| (1) any individual, estate, trust, receiver,
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0017| cooperative association, club, corporation, company, firm,
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0018| partnership, limited liability company, limited liability
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0019| partnership, joint venture, syndicate or other entity,
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0020| including any gas, water or electric utility owned or operated
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0021| by a county, municipality or other political subdivision of
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0022| the state; or
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0023| (2) any national, federal, state, Indian or
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0024| other governmental unit or subdivision, or any agency,
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0025| department or instrumentality of any of the foregoing;
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0001| I. "property" means real property, tangible
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0002| personal property, licenses, franchises, patents, trademarks
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0003| and copyrights. Tangible personal property includes
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0004| electricity and manufactured homes;
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0005| J. "leasing" means any arrangement whereby, for a
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0006| consideration, property is employed for or by any person other
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0007| than the owner of the property, except that the granting of a
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0008| license to use property is the sale of a license and not a
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0009| lease;
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0010| K. "service" means all activities engaged in for
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0011| other persons for a consideration, which activities involve
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0012| predominantly the performance of a service as distinguished
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0013| from selling or leasing property. "Service" includes
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0014| activities performed by a person for its members or
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0015| shareholders. In determining what is a service, the intended
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0016| use, principal objective or ultimate objective of the
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0017| contracting parties shall not be controlling. "Service"
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0018| includes construction activities and all tangible personal
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0019| property that will become an ingredient or component part of a
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0020| construction project. Such tangible personal property retains
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0021| its character as tangible personal property until it is
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0022| installed as an ingredient or component part of a construction
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0023| project in New Mexico. However, sales of tangible personal
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0024| property that will become an ingredient or component part of a
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0025| construction project to persons engaged in the construction
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0001| business are sales of tangible personal property;
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0002| L. "use" or "using" includes use, consumption or
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0003| storage other than storage for subsequent sale in the ordinary
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0004| course of business or for use solely outside this state;
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0005| M. "secretary" means the secretary of taxation and
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0006| revenue or the secretary's delegate;
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0007| N. "manufactured home" means a [moveable]
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0008| movable or portable housing structure for human occupancy
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0009| that exceeds either a width of eight feet or a length of forty
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0010| feet constructed to be towed on its own chassis and designed
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0011| to be installed with or without a permanent foundation;
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0012| O. "initial use" or "initially used" means the
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0013| first employment for the intended purpose and does not include
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0014| the following activities:
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0015| (1) observation of tests conducted by the
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0016| performer of services;
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0017| (2) participation in progress reviews,
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0018| briefings, consultations and conferences conducted by the
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0019| performer of services;
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0020| (3) review of preliminary drafts, drawings
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0021| and other materials prepared by the performer of the services;
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0022| (4) inspection of preliminary prototypes
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0023| developed by the performer of services; or
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0024| (5) similar activities;
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0025| P. "research and development services" means any
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0001| activity engaged in for other persons for consideration, for
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0002| one or more of the following purposes:
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0003| (1) advancing basic knowledge in a
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0004| recognized field of natural science;
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0005| (2) advancing technology in a field of
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0006| technical endeavor;
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0007| (3) the development of a new or improved
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0008| product, process or system with new or improved function,
|
0009| performance, reliability or quality, whether or not the new or
|
0010| improved product, process or system is offered for sale, lease
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0011| or other transfer;
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0012| (4) the development of new uses or
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0013| applications for an existing product, process or system,
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0014| whether or not the new use or application is offered as the
|
0015| rationale for purchase, lease or other transfer of the
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0016| product, process or system;
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0017| (5) analytical or survey activities
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0018| incorporating technology review, application, trade-off study,
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0019| modeling, simulation, conceptual design or similar activities,
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0020| whether or not offered for sale, lease or other transfer; or
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0021| (6) the design and development of prototypes
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0022| or the integration of systems incorporating advances,
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0023| developments or improvements included in Paragraphs (1)
|
0024| through (5) of this subsection; [and]
|
0025| Q. "local option gross receipts tax" means a tax
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0001| authorized to be imposed by a county or municipality upon the
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0002| taxpayer's gross receipts and required to be collected by the
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0003| department at the same time and in the same manner as the
|
0004| gross receipts tax; "local option gross receipts tax" includes
|
0005| the taxes imposed pursuant to the Municipal Local Option Gross
|
0006| Receipts Taxes Act, Supplemental Municipal Gross Receipts Tax
|
0007| Act, Special Municipal Gross Receipts Tax Act, County Local
|
0008| Option Gross Receipts Taxes Act, Local Hospital Gross Receipts
|
0009| Tax Act, County Correctional Facility Gross Receipts Tax Act
|
0010|
|
0011| and such other acts as may be enacted authorizing counties or
|
0012| municipalities to impose taxes on gross receipts, which taxes
|
0013| are to be collected by the department; and
|
0014| R. "prescription drugs" means insulin and
|
0015| substances that are:
|
0016| (1) dispensed by or under the supervision of
|
0017| a licensed pharmacist or by a physician or other person
|
0018| authorized under state law to do so;
|
0019| (2) prescribed for a specified person by a
|
0020| person authorized under state law to prescribe the substance;
|
0021| and
|
0022| (3) subject to the restrictions on sale
|
0023| contained in Subparagraph 1 of Subsection (b) of 21 USCA
|
0024| 353."
|
0025| Section 4. A new section of the Gross Receipts and
|
- 20 -
0001| Compensating Tax Act is enacted to read:
|
0002| "[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS TAX AND
|
0003| GOVERNMENTAL GROSS RECEIPTS TAX--PRESCRIPTION DRUGS.--Receipts
|
0004| from the sale of prescription drugs may be deducted from gross
|
0005| receipts and governmental gross receipts."
|
0006| Section 5. REPEAL.--Section 7-2-18.3 NMSA 1978 (being
|
0007| Laws 1994, Chapter 5, Section 17) is repealed.
|
0008| Section 6. APPLICABILITY.--
|
0009| A. The provisions of Sections 1 and 2 of this act
|
0010| apply to taxable years beginning on or after January 1, 1998.
|
0011| B. The provisions of Section 5 of this act apply
|
0012| to taxable years beginning on or after January 1, 1999.
|
0013| Section 7. EFFECTIVE DATE.--The effective date of the
|
0014| provisions of Sections 3 and 4 of this act is January 1, 1999.
|
0015|
|