SENATE BILL 182

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

INTRODUCED BY

Joshua A. Sanchez and Crystal Brantley and Pat Woods

 

 

 

 

 

AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION FOR DYED DIESEL; REPEALING A GROSS RECEIPTS TAX CREDIT FOR DYED DIESEL USED FOR AGRICULTURAL PURPOSES.

 

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.--

          A. Prior to July 1, 2031, receipts from the sale of special fuel dyed in accordance with federal regulations may be deducted from gross receipts.

          B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately 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."

     SECTION 2. REPEAL.--Section 7-9-58.1 NMSA 1978 (being Laws 2024, Chapter 67, Section 15) is repealed.

     SECTION 3. EFFECTIVE DATE.--The effective date of the

provisions of this act is July 1, 2026.

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