HOUSE BILL 372
54th legislature - STATE OF NEW MEXICO - first session, 2019
RELATING TO TAXATION; CREATING A GROSS RECEIPTS TAX DEDUCTION FOR THE SALE OF PROCESSED MEAT PRODUCTS FOR HOME CONSUMPTION.
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] DEDUCTION--SALE OF PROCESSED MEAT.--
A. Receipts from the sale of processed meat products for home consumption may be deducted from gross receipts.
B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department.
C. The department shall compile an annual report on the deduction provided by this section that shall include the number of taxpayers that claimed the deduction, the aggregate amount of deductions claimed and any other information necessary to evaluate the cost of the deduction. The department shall present the annual reports to the revenue stabilization and tax policy committee and the legislative finance committee with an analysis of the cost of the deduction.
D. As used in this section, "processed meat products" means the meat from cattle, sheep, goats, swine, bison, poultry and ostriches."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2019.
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