0001|                            HOUSE BILL 205
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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|                           JAMES G. TAYLOR
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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 FOR THE SALE OF
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0012|     POST-SECONDARY TEXTBOOKS.
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0013|     
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0014|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015|          Section 1.  A new section of the Gross Receipts and
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0016|     Compensating Tax Act is enacted to read:
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0017|          "[<u>NEW MATERIAL</u>] DEDUCTION--GROSS RECEIPTS TAX--
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0018|     GOVERNMENTAL GROSS RECEIPTS TAX--SALE OF TEXTBOOKS USED IN
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0019|     POST-SECONDARY EDUCATIONAL INSTITUTIONS.--Receipts from the
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0020|     sale of textbooks required for a course of study by an
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0021|     accredited post-secondary educational institution may be
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0022|     deducted from gross receipts or governmental gross receipts."
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0023|          Section 2.  EFFECTIVE DATE.--The effective date of the
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0024|     provisions of this act is July 1, 1998. 
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0025|     .121536.1
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