0001| HOUSE BILL 192 | 0002| 43RD LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 1998 | 0003| INTRODUCED BY | 0004| KIP W. NICELY | 0005| | 0006| | 0007| | 0008| | 0009| | 0010| AN ACT | 0011| RELATING TO TAXATION; PROVIDING A DEDUCTION PURSUANT TO THE | 0012| GROSS RECEIPTS AND COMPENSATING TAX ACT FOR COMMISSIONS | 0013| RECEIVED FOR THE SALE OF SECURITIES BY LICENSED BROKER-DEALERS | 0014| OR SALES REPRESENTATIVES. | 0015| | 0016| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO: | 0017| Section 1. A new Section 7-9-66.2 NMSA 1978 is enacted | 0018| to read: | 0019| "7-9-66.2. [NEW MATERIAL] DEDUCTION--GROSS RECEIPTS | 0020| TAX--COMMISSIONS RECEIVED BY LICENSED BROKER-DEALERS AND SALES | 0021| REPRESENTATIVES.--Receipts derived from commissions on the | 0022| sale of securities by persons licensed as broker-dealers or | 0023| sales representatives pursuant to the New Mexico Securities | 0024| Act of 1986 may be deducted from gross receipts." | 0025| Section 2. EFFECTIVE DATE.--The effective date of the | - 1 - 0001| provisions of this act is July 1, 1998. | 0002|  |