0001|                            SENATE BILL 62
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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|                               DON KIDD
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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 GROSS RECEIPTS TAX CREDIT
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0012|     AGAINST GROSS RECEIPTS TAXES IMPOSED ON RECEIPTS FROM THE
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0013|     PROVISION OF CERTAIN MEDICAL AND HEALTH SERVICES.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  A new section of the Gross Receipts and
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0017|     Compensating Tax Act is enacted to read:
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0018|          "[<u>NEW MATERIAL</u>] CREDIT--GROSS RECEIPTS TAX--CERTAIN
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0019|     MEDICAL AND HEALTH CARE SERVICES.--
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0020|               A.  In any reporting period a taxpayer may claim a
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0021|     credit against his gross receipts tax liability in an amount
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0022|     derived by applying the gross receipts tax rate to the
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0023|     taxpayer's gross receipts for the period from payments by the
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0024|     federal government for provision of medical and other health
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0025|     services to medicare beneficiaries pursuant to the provisions
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<center>- 1 -</center>

0001|     of Title VIII of the federal Social Security Act.
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0002|               B.  As used in this section, "medical and other
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0003|     health services" means those services defined as medical and
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0004|     other health services in 42 U.S.C.A. 1395x(s)."
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0005|          Section 2.  EFFECTIVE DATE.--The effective date of the
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0006|     provisions of this act is July 1, 1998.
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0007|                              
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