HOUSE BILL 930

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

INTRODUCED BY

Jose A. Campos II

AN ACT

RELATING TO TAXATION; PROVIDING A DEDUCTION FROM GROSS RECEIPTS FOR MILITARY RESEARCH AND DEVELOPMENT ACTIVITIES.

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--MAJOR RANGE AND TEST FACILITY BASES.--Receipts from research, development, test and evaluation performed at New Mexico major range and test facility bases pursuant to contracts entered into with the United States department of defense may be deducted from gross receipts through June 30, 2008."

.155947.1