SENATE BILL 174

57th legislature - STATE OF NEW MEXICO - second session, 2026

INTRODUCED BY

Candy Spence Ezzell

 

 

 

 

 

AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR THE SALE OF GOLD AND SILVER COINS OR BULLION.

 

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 FROM THE SALE OF GOLD AND SILVER COINS OR BULLION.--

          A. Prior to July 1, 2031, receipts from the sale of gold and silver coins or bullion may be deducted from gross receipts.

          B. A taxpayer allowed the deduction pursuant to

this section shall report the amount of the deduction to the

department in a manner required by the department.

          C. The deduction provided by this section shall be

included in the tax expenditure budget pursuant to Section

7-1-84 NMSA 1978, including the annual aggregate cost of the

deduction.

          D. As used in this section, "bullion" means a bar, an ingot or a commemorative medallion where the value of the metal depends on its content and not the form."

     SECTION 2. EFFECTIVE DATE.--The effective date of the provisions of this act is July 1, 2026.

- 2 -