HOUSE BILL 1081

48th legislature - STATE OF NEW MEXICO - first session, 2007

INTRODUCED BY

Nathan P. Cote

AN ACT

RELATING TO TAXATION; PROVIDING EXEMPTIONS FROM GROSS RECEIPTS TAX AND COMPENSATING TAX FOR LOCOMOTIVE ENGINE FUEL.

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] EXEMPTION--GROSS RECEIPTS TAX--LOCOMOTIVE ENGINE FUEL.--On or after July 1, 2009, receipts from the sale of fuel to a common carrier to be loaded or used in a locomotive engine are exempted from the gross receipts tax. For the purposes of this section, "locomotive engine" means a wheeled vehicle consisting of a self-propelled engine that is used to draw trains along railway tracks."

     Section 2. A new section of the Gross Receipts and Compensating Tax Act is enacted to read:

     "[NEW MATERIAL] EXEMPTION--COMPENSATING TAX--LOCOMOTIVE ENGINE FUEL.--On or after July 1, 2009, exempted from the compensating tax is the use of fuel to be loaded or used by a common carrier in a locomotive engine. For the purposes of this section, "locomotive engine" means a wheeled vehicle consisting of a self-propelled engine that is used to draw trains along railway tracks."

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