45th legislature - STATE OF NEW MEXICO - first session, 2001

RELATING TO TAXATION; PROVIDING A CREDIT AGAINST THE GROSS RECEIPTS TAX FOR HOSPITALS LICENSED BY THE DEPARTMENT OF HEALTH.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

Section 1. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:

"[NEW MATERIAL] CREDIT--GROSS RECEIPTS TAX--RECEIPTS OF CERTAIN HOSPITALS.--A hospital licensed by the department of health may claim a credit against the gross receipts tax for each reporting period beginning on or after July 1, 2001 in an amount equal to three and two hundred seventy-five thousandths percent of the hospital's taxable gross receipts for that reporting period after all appropriate exemptions and deductions have been taken. The credit provided for in this section shall be considered a payment of the state portion of gross receipts tax."

Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2001.