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HB 018: SEPARATE TAX DEDUCTIONS & EXEMPTIONS

An Act Relating To Taxation; Requiring Certain Gross Receipts And Compensating Tax Deductions And Exemptions To Be Separately Stated And Itemized; Requiring The Secretary Of Taxation And Revenue To Promulgate Rules For Separately Stating And Itemizing Gross Receipts And Compensating Tax Deductions And Exemptions; Providing A Sunset For Certain Sections Of The Gross Receipts And Compensating Tax Act; Making An Appropriation.

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MILD HB 018
SEPARATE TAX DEDUCTIONS & EXEMPTIONS

Legislative URL:
HB 018 on nmlegis.gov
Emergency Clause:
No
Germane:
N/A
Location:
HEENC
Action:
HPREF [3] HHC/HEENC/HBEC/HTPWC/HWMC-HHC [4] w/o rec-HEENC API.
Issue(s):

Related Legislators

Bill Sponsor:

Related Documents

Downloads:
Introduced
HHC Committee Report
Fiscal Impact Report

Related Events

Upcoming:
Summary

In addition to requiring certain gross receipts and compensating tax deductions and exemptions to be separately stated and itemized, and requiring the secretary of TRD to adopt rules for separately stating and itemizing gross receipts and compensating tax deductions and exemptions, this bill provides a sunset for certain sections of the Gross Receipts and Compensating Tax Act.

Gross receipts deduction that would sunset include (among many others with no conservation impact):
·       on July1, 2025, receipts from selling wind generation equipment or solar generation equipment to a government for the purpose of installing a wind or solar electric generation facility
·       on July 1, 2027, receipts from the sale of property or services purchased by or on behalf of the state from funds obtained from the forfeiture of financial assurance pursuant to the New Mexico Mining Act or the forfeiture of financial responsibility pursuant to the Water Quality Act
·       on July 1, 2027, receipts from selling equipment to the New Mexico Renewable Energy Transmission Authority or an agent or lessee of the authority if the equipment is installed as part of an electric transmission facility or an interconnected storage facility acquired by the authority pursuant to the New Mexico Renewable Energy Transmission Authority Act
·       on July 1, 2027, receipts from providing services to the New Mexico Renewable Energy Transmission Authority or an agent or lessee of the authority for the planning, installation, repair, maintenance or operation of an electric transmission facility or an interconnected storage facility acquired by the authority pursuant to the New Mexico Renewable Energy Transmission Authority Act
·       on July 1, 2027, receipts from the transmission of electricity where voltage source conversion technology is employed to provide such services and from ancillary services