0001|                            HOUSE BILL 192
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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|                            KIP W. NICELY
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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 TAXATION; PROVIDING A DEDUCTION PURSUANT TO THE
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0012|     GROSS RECEIPTS AND COMPENSATING TAX ACT FOR COMMISSIONS
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0013|     RECEIVED FOR THE SALE OF SECURITIES BY LICENSED BROKER-DEALERS
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0014|     OR SALES REPRESENTATIVES.
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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 7-9-66.2 NMSA 1978 is enacted
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0018|     to read:  
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0019|          "7-9-66.2.  [<u>NEW MATERIAL</u>] DEDUCTION--GROSS RECEIPTS
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0020|     TAX--COMMISSIONS RECEIVED BY LICENSED BROKER-DEALERS AND SALES
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0021|     REPRESENTATIVES.--Receipts derived from commissions on the
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0022|     sale of securities by persons licensed as broker-dealers or
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0023|     sales representatives pursuant to the New Mexico Securities
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0024|     Act of 1986 may be deducted from gross receipts."
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0025|          Section 2.  EFFECTIVE DATE.--The effective date of the
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0001|     provisions of this act is July 1, 1998.
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0002|                              
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