FORTY-THIRD LEGISLATURE
                        SECOND SESSION, 1998
  
  
                                                 February 6, 1998
  
  
  Mr. Speaker:
  
       Your TAXATION AND REVENUE COMMITTEE, to whom has
  been referred
  
                        HOUSE BILL 131
                               
  has had it under consideration and reports same with
  recommendation that it DO PASS, amended as follows:
  
            1.  On page 1, line 11, after the semicolon, strike
  the remainder of the line and strike line 12 up to the period
  and insert in lieu thereof:
  
       "AMENDING A SECTION OF THE NMSA 1978 TO CHANGE CERTAIN
  PROVISIONS PERTAINING TO THE GROSS RECEIPTS DEDUCTION FOR
  CERTAIN RAILWAY ROADBED MATERIALS; DELAYING THE REPEAL OF THE
  DEDUCTION".
  
       2.  On page 1, between lines 14 and 15, insert the
  following new section:
  
       "Section 1.  Section 7-9-51.1 NMSA 1978 (being Laws 1993,
  Chapter 31, Section 14) is amended to read:
  
       "7-9-51.1.  DEDUCTION--GROSS RECEIPTS TAX--RAILWAY
  ROADBED MATERIALS.--Receipts from the sale of materials
  necessary for the construction or reconstruction of railway
  roadbeds may be deducted from gross receipts, if the materials
  are to be used outside the state and if the sale is made to a
  person who is engaged in the business of transporting persons
  or property by rail and who delivers a statement, in writing,
  to the person selling the materials.  The statement shall
  contain information required by regulations of the
  secretary."".
  
       3.  Renumber the succeeding section accordingly.
  
  
  
  
                                Respectfully submitted,
  
  
  
                                                                                               
                                                              Jerry W. Sandel, Chairman
  
  
  Adopted                            Not Adopted                          
            (Chief Clerk)                      (Chief Clerk)
  
                        Date                
  
  The roll call vote was  8  For  0  Against
  Yes:      8
            Excused:  Lovejoy, Lujan, Porter, Russell, Sandel
            Absent:   None
  
  
  .122818.1
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