This bill introduces new gross receipts tax exemptions specifically for the sale of qualified ski area equipment and for the improvement or construction of buildings on ski areas in New Mexico. It establishes that receipts from the sale of such equipment to ski area operators, as well as receipts from construction projects on ski areas, will be exempt from state gross receipts tax, although local option gross receipts tax will still apply. The bill defines "qualified ski area equipment" and outlines the responsibilities of taxpayers to report the exemptions to the department, ensuring that these exemptions are included in the tax expenditure budget.

Additionally, the bill amends existing laws regarding deductions for construction materials and services sold to persons engaged in the construction business. It adds provisions that allow deductions for sales made to ski area operators, aligning with the new exemptions introduced in the bill. The effective date for these provisions is set for July 1, 2026.

Statutes affected:
introduced version: 7-9-5, 7-9-51, 7-9-52