This bill amends existing New Mexico tax law to exclude certain receipts from gross receipts tax deductions for manufacturers. Specifically, it states that receipts of a prime contractor derived from operating a facility designated as a national laboratory by an act of Congress or from operating a state-owned research facility in New Mexico will not be eligible for these deductions. This exclusion is added to both Section 7-9-46, which pertains to gross receipts from sales of tangible personal property and manufacturing consumables, and Section 7-9-46.1, which addresses gross receipts from sales of professional services to manufacturers.

Additionally, the bill mandates that the New Mexico Department of Taxation and Revenue will compile annual reports on the deductions taken under these sections, detailing the aggregate amounts and the number of taxpayers claiming them. The effective date for the provisions of this act is set for July 1, 2025.

Statutes affected:
introduced version: 7-9-46, 7-9-46.1