SENATE BILL 242
54th legislature - STATE OF NEW MEXICO - first session, 2019
Gerald Ortiz y Pino
RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX AND A GOVERNMENTAL GROSS RECEIPTS TAX DEDUCTION FOR MEDICAL CANNABIS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-9-73.2 NMSA 1978 (being Laws 1998, Chapter 95, Section 2 and Laws 1998, Chapter 99, Section 4, as amended) is amended to read:
"7-9-73.2. DEDUCTION--GROSS RECEIPTS [TAX] AND GOVERNMENTAL GROSS RECEIPTS [TAX]--PRESCRIPTION DRUGS--OXYGEN AND OXYGEN SERVICES--MEDICAL CANNABIS.--
A. Receipts from the sale of prescription drugs [and oxygen and oxygen services provided by a licensed medicare durable medical equipment provider] may be deducted from gross receipts and governmental gross receipts.
B. Receipts from the sale of oxygen and oxygen services provided by a licensed medicare durable medical equipment provider may be deducted from gross receipts and governmental gross receipts.
C. Receipts from the sale of medical cannabis by a licensed producer to a qualified patient may be deducted from gross receipts and governmental gross receipts.
[B.] D. For the purposes of this section:
(1) "licensed producer" means a licensed producer pursuant to the Lynn and Erin Compassionate Use Act;
(2) "prescription drugs" means insulin and substances, not including medical cannabis, that are:
[(1)] (a) dispensed by or under the supervision of a licensed pharmacist or by a physician or other person authorized under state law to do so;
[(2)] (b) prescribed for a specified person by a person authorized under state law to prescribe the substance; and
[(3)] (c) subject to the restrictions on sale contained in Subparagraph 1 of Subsection (b) of 21 USCA 353; and
(3) "qualified patient" means a qualified patient pursuant to the Lynn and Erin Compassionate Use Act."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2019.
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