March 15, 1999

Mr. Speaker:

Your TAXATION AND REVENUE COMMITTEE, to whom has been referred

HOUSE BILL 787

has had it under consideration and reports same with recommendation that it DO PASS, amended as follows:

1. On page 1, line 13, strike "AMENDING" and insert in lieu thereof "; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR CERTAIN ENRICHED URANIUM SALES AND SERVICES; AMENDING AND ENACTING".

2. On page 11, between lines 7 and 8, insert the following new section:

"Section 3. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:

"[NEW MATERIAL] DEDUCTIONS--GROSS RECEIPTS TAX--SALES OF ENRICHED URANIUM AND ENRICHMENT OF URANIUM.--Receipts from selling enriched uranium and from providing the service of enriching uranium may be deducted from gross receipts."".

3. Renumber the succeeding section accordingly.

Respectfully submitted,

Jerry W. Sandel, Chairman

Adopted Not Adopted

(Chief Clerk) (Chief Clerk)

The roll call vote was 11 For 0 Against

Yes: 11

Excused: Burpo, Lujan, Sandoval, Silva

Absent: None

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