0001|                           SENATE BILL 1218
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0002|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0003|                            INTRODUCED BY
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0004|                          FERNANDO R. MACIAS
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0005|     
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0006|                                   
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0007|     
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0008|                                   
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0009|     
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0010|                                AN ACT
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0011|     RELATING TO THE GROSS RECEIPTS TAX; ENACTING A SECTION OF THE
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0012|     NMSA 1978 TO PROVIDE EXEMPTION FOR SALE OF PROPERTY FOR USE IN
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0013|     MANUFACTURING, RECYCLING OR RESEARCH AND DEVELOPMENT.
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0014|     
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0015|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0016|          Section 1.  A new section of the Gross Receipts and
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0017|     Compensating Tax Act is enacted to read:
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0018|          "7-9-22.2.  [<u>NEW MATERIAL</u>]  EXEMPTION--GROSS RECEIPTS
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0019|     TAX--MANUFACTURING, RECYCLING OR RESEARCH AND DEVELOPMENT
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0020|     PROPERTY.--Exempted from the gross receipts tax are the sales
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0021|     of any of the following:
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0022|               A.  property sold for use in any stage of the
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0023|     manufacturing, processing, refining, fabricating or recycling
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0024|     of property;
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0025|               B.  property sold to be primarily used in research
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0001|     and development."
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0002|                                  
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0003|       
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0004|   
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0005|                      FORTY-THIRD LEGISLATURE
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0006|                        FIRST SESSION, 1997
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0007|   
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0008|   
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0009|                                                  March 17, 1997
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0010|   
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0011|   Mr. President:
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0012|   
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0013|       Your WAYS AND MEANS COMMITTEE, to whom has been
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0014|   referred
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0015|   
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0016|                          SENATE BILL 1218
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0017|   
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0018|   has had it under consideration and reports same with
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0019|   recommendation that it DO PASS, and thence referred to the
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0020|   FINANCE COMMITTEE.
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0021|   
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0022|                                Respectfully submitted,
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0023|   
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0024|   
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0025|   
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0001|                                
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0002|   __________________________________
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0003|                                Carlos R. Cisneros, Chairman 
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0004|   
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0005|   
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0006|   
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0007|   Adopted_______________________   Not
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0008|   Adopted_______________________
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0009|             (Chief Clerk)                          (Chief Clerk)
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0010|   
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0011|   
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0012|                     Date ________________________
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0013|   
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0014|   
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0015|   The roll call vote was <u> 7 </u> For <u> 0 </u> Against
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0016|           Yes:    7
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0017|           No:     0
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0018|                Excused:     McSorley, Nava
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0019|           Absent: None
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0020|   
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0021|   
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0022|   S1218WM1
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0023|   
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