2015 New Mexico Statutes
Chapter 7 - Taxation
Section 9 Gross Receipts and Compensating Tax
Section 7-9-90 Deductions; gross receipts tax; sales of uranium hexafluoride and enrichment of uranium.
7-9-90. Deductions; gross receipts tax; sales of uranium hexafluoride and enrichment of uranium.
A. Receipts from selling uranium hexafluoride and from providing the service of enriching uranium may be deducted from gross receipts.
B. The department shall annually report to the revenue stabilization and tax policy committee aggregate amounts of deductions taken pursuant to this section, the number of taxpayers claiming the deduction and any other information that is necessary to determine that the deduction is performing a purpose that is beneficial to the state.
C. A taxpayer deducting gross receipts pursuant to this section shall report the amount deducted separately and attribute the amount of the deduction to the authorization provided in this section in a manner required by the department that facilitates the evaluation by the legislature for the benefit to the state of this deduction.
History: Laws 1999, ch. 231, 3; 2012, ch. 13, 1.
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