HOUSE BILL 328
51st legislature - STATE OF NEW MEXICO - first session, 2013
INTRODUCED BY
Roberto "Bobby" J. Gonzales
FOR THE LEGISLATIVE EDUCATION STUDY COMMITTEE
AN ACT
RELATING TO TAXATION; PROVIDING FOR AN EXEMPTION FROM THE GROSS RECEIPTS TAX FOR RECEIPTS FOR THE SALE OF FUEL FOR SCHOOL BUSES; PROVIDING FOR AN EXEMPTION FROM THE COMPENSATING TAX FOR FUEL USED IN A SCHOOL BUS.
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--COMPENSATING TAX--FUEL FOR SCHOOL BUSES.--
A. Exempt from the gross receipts tax are receipts from the sale of fuel used in a vehicle authorized by contract with the public education department as a school bus for the to-and-from school transportation of students.
B. Exempt from the compensating tax is the use of fuel in a vehicle authorized by contract with the public education department as a school bus for the to-and-from school transportation of students."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2013.
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