HOUSE BILL 167

55th legislature - STATE OF NEW MEXICO - second session, 2022

INTRODUCED BY

Georgene Louis and Jason C. Harper

 

 

 

 

 

AN ACT

RELATING TO TAXATION; PROVIDING A CREDIT AGAINST THE MOTOR VEHICLE EXCISE TAX FOR A SIMILAR TAX PAID TO AN INDIAN NATION, TRIBE OR PUEBLO.

 

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

     SECTION 1. Section 7-14-7 NMSA 1978 (being Laws 1988, Chapter 73, Section 17) is amended to read:

     "7-14-7. CREDIT AGAINST TAX.--

          A. If a vehicle has been acquired through an out-of-state transaction upon which a gross receipts, sales, compensating or similar tax was levied by another state or political subdivision thereof, the amount of the tax paid may be credited against the tax due this state on the same vehicle.

          B. If a vehicle has been acquired through a transaction on reservation or trust land within an Indian nation, tribe or pueblo, located wholly or partly in New Mexico, upon which a gross receipts, sales, compensating or similar tax was levied by the Indian nation, tribe or pueblo, the amount of the tax paid may be credited against the tax due this state on the same vehicle."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2022.

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