0001| HOUSE BILL 192
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0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998
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0003| INTRODUCED BY
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0004| KIP W. NICELY
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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 TAXATION; PROVIDING A DEDUCTION PURSUANT TO THE
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0012| GROSS RECEIPTS AND COMPENSATING TAX ACT FOR COMMISSIONS
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0013| RECEIVED FOR THE SALE OF SECURITIES BY LICENSED BROKER-DEALERS
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0014| OR SALES REPRESENTATIVES.
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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. A new Section 7-9-66.2 NMSA 1978 is enacted
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0018| to read:
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0019| "7-9-66.2. [NEW MATERIAL] DEDUCTION--GROSS RECEIPTS
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0020| TAX--COMMISSIONS RECEIVED BY LICENSED BROKER-DEALERS AND SALES
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0021| REPRESENTATIVES.--Receipts derived from commissions on the
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0022| sale of securities by persons licensed as broker-dealers or
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0023| sales representatives pursuant to the New Mexico Securities
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0024| Act of 1986 may be deducted from gross receipts."
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0025| Section 2. EFFECTIVE DATE.--The effective date of the
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0001| provisions of this act is July 1, 1998.
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