HOUSE BILL 388

50th legislature - STATE OF NEW MEXICO - first session, 2011

INTRODUCED BY

Joni Marie Gutierrez

AN ACT

RELATING TO TAXATION; PROVIDING FOR A DEDUCTION FROM GROSS RECEIPTS FOR ALL TEXTBOOKS SOLD TO STUDENTS ENROLLED AT NEW MEXICO PUBLIC POST-SECONDARY EDUCATIONAL INSTITUTIONS.

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

     SECTION 1. Section 7-9-13.4 NMSA 1978 (being Laws 2002, Chapter 20, Section 1) is amended to read:

     "7-9-13.4. [EXEMPTION] DEDUCTION--GROSS RECEIPTS TAX--SALE OF TEXTBOOKS [FROM CERTAIN BOOKSTORES] TO ENROLLED STUDENTS.--[Exempted from the gross receipts tax are] The receipts from the sale of textbooks and other materials that are required for courses at a public post-secondary educational institution if the sale is [by a bookstore located on the campus of the institution and operated pursuant to a contractual agreement with that institution and the sale is] to a student who is enrolled at [the] a New Mexico public post-secondary educational institution and who displays a valid student identification card may be deducted from gross receipts."

     SECTION 2. APPLICABILITY.--The provisions of this act apply to receipts from sales occurring on or after July 1, 2011.

     SECTION 3. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2011.

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