SENATE BILL 261

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

INTRODUCED BY

Timothy Z. Jennings

FOR THE REVENUE STABILIZATION AND TAX POLICY COMMITTEE

AN ACT

RELATING TO TAXATION; EXPANDING A GROSS RECEIPTS TAX DEDUCTION FOR RECEIPTS FROM MAINTAINING, REFURBISHING, REMODELING OR MODIFYING TRANSPORT CATEGORY AIRCRAFT.

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

     Section 1. Section 7-9-62.1 NMSA 1978 (being Laws 2000 (2nd S.S.), Chapter 4, Section 2) is amended to read:

     "7-9-62.1. DEDUCTION--GROSS RECEIPTS TAX--AIRCRAFT SERVICES.--Receipts from maintaining, refurbishing, remodeling or otherwise modifying [transport category aircraft] a commercial or military carrier over [sixty-five thousand] ten thousand pounds gross landing weight may be deducted from gross receipts. [As used in this section, "refurbishing, remodeling or otherwise modifying" does not include routine line maintenance of such aircraft.]"

     Section 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2005.

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