SENATE BILL 665

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

INTRODUCED BY

Stuart Ingle

AN ACT

RELATING TO TAXATION; PROVIDING AN EXEMPTION FROM THE GROSS RECEIPTS AND COMPENSATING TAX FOR DYED SPECIAL FUEL.

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

     Section 1. Section 7-9-26 NMSA 1978 (being Laws 1969, Chapter 144, Section 19, as amended) is amended to read:

     "7-9-26. EXEMPTION--GROSS RECEIPTS AND COMPENSATING TAX--FUEL.--Exempted from the gross receipts and compensating tax are the receipts from selling and the use of gasoline, special fuel or alternative fuel:

          A. on which the tax imposed by Section 7-13-3, [7-16-3 or] 7-16A-3 or 7-16B-4 NMSA 1978 [or the Alternative Fuel Tax Act] has been paid and not refunded; or

          B. that are eligible for the deduction provided for in Subsection E of Section 7-16A-10 NMSA 1978."