HOUSE BILL 375

47th legislature - STATE OF NEW MEXICO - first session, 2005

INTRODUCED BY

Terry T. Marquardt

AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR CERTAIN TESTING AND EVALUATION SERVICES PERFORMED PURSUANT TO A CONTRACT WITH THE UNITED STATES DEPARTMENT OF DEFENSE; DECLARING AN EMERGENCY.

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] DEDUCTION--GROSS RECEIPTS--TESTING OF DEFENSE SYSTEMS.--Receipts from testing services and evaluation services performed pursuant to a contract with the United States department of defense on defense systems brought into New Mexico to be tested or evaluated for programs of the United States department of defense may be deducted from gross receipts."

     Section 2. EMERGENCY.--It is necessary for the public peace, health and safety that this act take effect immediately.

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