SENATE BILL 549

54th legislature - STATE OF NEW MEXICO - first session, 2019

INTRODUCED BY

Clemente Sanchez

AN ACT

RELATING TO TAXATION; NARROWING A GROSS RECEIPTS TAX DEDUCTION FOR CHEMICALS AND REAGENTS.

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

     SECTION 1. Section 7-9-65 NMSA 1978 (being Laws 1969, Chapter 144, Section 56) is amended to read:

     "7-9-65. DEDUCTION--GROSS RECEIPTS TAX--CHEMICALS AND REAGENTS.--Receipts from selling chemicals or reagents to any mining, milling or oil company for use in processing ores or oil in a mill, smelter or refinery or in acidizing oil wells [and receipts from selling chemicals or reagents in lots in excess of eighteen tons] may be deducted from gross receipts. Receipts from selling explosives, blasting powder or dynamite may not be deducted from gross receipts."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2019.

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