HOUSE BILL 548

46th legislature - STATE OF NEW MEXICO - second session, 2004

INTRODUCED BY

Donald L. Whitaker

AN ACT

RELATING TO TAXATION; AMENDING THE GROSS RECEIPTS AND COMPENSATING TAX ACT.

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

     Section 1. Section 7-9-70 NMSA 1978 (being Laws 1969, Chapter 144, Section 62) is amended to read:

     "7-9-70. DEDUCTION--GROSS RECEIPTS TAX--RENTAL OR LEASE OF VEHICLES USED IN INTERSTATE COMMERCE.--Receipts from the rental or leasing of vehicles used in the transportation of passengers or property for hire in interstate commerce under the [regulations] rules or authorization of any agency of the United States may be deducted."

.150899.1