SENATE BILL 360
56th legislature - STATE OF NEW MEXICO - first session, 2023
Gregory A. Baca and Roberto "Bobby" J. Gonzales
RELATING TO TAXATION; EXEMPTING FROM THE GROSS RECEIPTS TAX AND COMPENSATING TAX DYED DIESEL USED FOR AGRICULTURAL PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. Section 7-9-26 NMSA 1978 (being Laws 1969, Chapter 144, Section 19, as amended) is amended to read:
"7-9-26. EXEMPTION--GROSS RECEIPTS TAX AND COMPENSATING TAX--FUEL.--
A. Exempted from the gross receipts tax and compensating tax are the receipts from selling and the use of gasoline, special fuel or alternative fuel on which the tax imposed by Section 7-13-3, [7-16-3 or] 7-16A-3 or 7-16B-4 NMSA 1978 [or the Alternative Fuel Tax Act] has been paid and not refunded.
B. Exempted from the gross receipts tax and compensating tax are the receipts from selling and the use of special fuel dyed in accordance with federal regulations and used for agricultural purposes."
SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2023.
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