SENATE BILL 253
56th legislature - STATE OF NEW MEXICO - first session, 2023
Gregory A. Baca and Roberto "Bobby" J. Gonzales
RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR SPECIAL FUEL CONSISTING OF VEGETABLE OIL OR ANIMAL FAT.
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--GROSS RECEIPTS TAX--DYED DIESEL.--Fifty percent of receipts from selling special fuel consisting of at least ninety-nine percent vegetable oil or animal fat may be deducted from gross receipts."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2023.