0001| HOUSE BILL 205
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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| JAMES G. TAYLOR
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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 FOR THE SALE OF
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0012| POST-SECONDARY TEXTBOOKS.
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0013|
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0014| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
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0015| Section 1. A new section of the Gross Receipts and
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0016| Compensating Tax Act is enacted to read:
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0017| "[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS TAX--
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0018| GOVERNMENTAL GROSS RECEIPTS TAX--SALE OF TEXTBOOKS USED IN
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0019| POST-SECONDARY EDUCATIONAL INSTITUTIONS.--Receipts from the
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0020| sale of textbooks required for a course of study by an
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0021| accredited post-secondary educational institution may be
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0022| deducted from gross receipts or governmental gross receipts."
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0023| Section 2. EFFECTIVE DATE.--The effective date of the
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0024| provisions of this act is July 1, 1998.
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0025| .121536.1
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