46th legislature - STATE OF NEW MEXICO - first session, 2003

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 for each reporting period against the gross receipts tax due for that reporting period as follows:

A. for a hospital located in a municipality, 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 the deduction pursuant to Section

7-9-73.1 NMSA 1978 has been taken; and

B. for a hospital located in the unincorporated area of a county, an amount equal to five percent of the hospital's taxable gross receipts for that reporting period after the deduction pursuant to Section 7-9-73.1 NMSA 1978 has been taken."

Section 2. APPLICABILITY.--The provisions of this act apply to reporting periods beginning on or after July 1, 2003.