CHAPTER 12

CHAPTER 12, LAWS 2002

AN ACT

RELATING TO TAXATION; DELAYING AN INCREASE IN THE RATE OF THE RESOURCES TAX AND THE PROCESSORS TAX ON COPPER.

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

Section 1. Laws 1999, Chapter 177, Section 5 is amended to read:

"Section 5. APPLICABILITY.--The provisions of

Sections 1 and 3 of Laws 1999, Chapter 177 shall apply to taxable events occurring on and after July 1, 1999 and prior to July 1, 2005. The provisions of Sections 2 and 4 of Laws 1999, Chapter 177 shall apply to taxable events occurring on and after July 1, 2005."

Section 2. Laws 1999, Chapter 177, Section 6 is amended to read:

"Section 6. EFFECTIVE DATE.--The effective date of the provisions of Sections 1 and 3 of Laws 1999, Chapter 177 is July 1, 1999. The effective date of the provisions of Sections 2 and 4 of Laws 1999, Chapter 177 is July 1, 2005."

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HOUSE BILL 94