0001|     SENATE CORPORATIONS AND TRANSPORTATION COMMITTEE SUBSTITUTE FOR
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0002|                           SENATE BILL 1251
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0003|     43rd legislature - STATE OF NEW MEXICO - first session, 1997
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0004|                                   
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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|     
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0011|                                AN ACT
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0012|     RELATING TO THE PUBLIC PEACE, HEALTH, SAFETY AND WELFARE;
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0013|     BROADENING THE APPLICATION OF THE GROSS RECEIPTS TAX DEDUCTION
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0014|     FOR GOVERNMENTAL AND COMMERCIAL SPACE-RELATED RECEIPTS.
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0015|     
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0016|     BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0017|          Section 1.  Section 7-9-54.2 NMSA 1978 (being Laws 1995,
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0018|     Chapter 183, Section 2) is amended to read:
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0019|          "7-9-54.2.  GROSS RECEIPTS--DEDUCTION--SPACEPORT
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0020|     OPERATION--LAUNCHING AND RECOVERY OF SPACE LAUNCH VEHICLES--
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0021|     PAYLOAD SERVICES--SPACE-RELATED BUSINESS.--
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0022|               A.  Receipts from [operating] launching or
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0023|     recovering space launch vehicles or payloads from a spaceport
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0024|     in New Mexico may be deducted from gross receipts.
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0025|               B.  Receipts from preparing a payload for launching
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0001|     [or recovering space launch vehicles or payloads from] at a
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0002|     spaceport in New Mexico are deductible from gross receipts.
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0003|               C.  Receipts from [preparing a payload for launching
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0004|     at a spaceport] conducting new or expanding an existing space-
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0005|     related business in New Mexico are deductible from gross
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0006|     receipts.
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0007|               D.  As used in this section:  
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0008|                    (1)  "buss" includes the systems, subsystems
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0009|     and mechanical structures required to provide power, altitude
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0010|     control, orbit control, thermal control, telemetry
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0011|     transmission, telemetry reception, data storage and other
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0012|     similar functions for the support of the payload;
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0013|                    (2)  "payload" includes systems, subsystems and
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0014|     mechanical structures required to perform or conduct research
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0015|     and development on or to conduct operations of space functions,
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0016|     such as reconnaissance, communications, navigation and target
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0017|     simulations, but does not include weapons;
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0018|                    (3)  "space" means any location beyond
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0019|     altitudes of sixty thousand feet above the earth's mean sea
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0020|     level;
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0021|                    (4)  "spaceport" means [a facility designed and
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0022|     operated primarily] an installation and related facilities used
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0023|     for the launching [or], landing, recovery [of space launch],
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0024|     servicing and monitoring of vehicles [or payloads] capable of
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0025|     entering or returning from space; and
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0001|                    (5)  "space-related business" includes the
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0002|     planning, engineering, manufacturing, integrating, operating
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0003|     and control of government and commercial space launches, orbital
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0004|     and recovery vehicles, busses and payloads; and the planning,
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0005|     engineering, manufacturing, assembly, testing and technical
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0006|     support of assemblies, subassemblies and components designed
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0007|     specifically for use in the vehicles, busses and payloads.
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0008|               E.  Receipts from the sale of tangible personal
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0009|     property that will become an ingredient or component part of a
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0010|     construction project or from performing construction services may
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0011|     not be deducted under this section."
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0012|                               
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