HB 237: CHILE PRODUCTION GROSS RECEIPTS
An Act Relating To Taxation; Creating Limited-term Deductions From Gross Receipts And Compensating Taxes For Certain Equipment Purchases For Production And Processing Of Chile.
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HB 237
CHILE PRODUCTION GROSS RECEIPTS
- Legislative URL:
- HB 237 on nmlegis.gov
- Emergency Clause:
- No
- Germane:
- N/A
- Location:
- - OTHER -
- Action:
- [6] HAGC/HTRC/HAFC-HAGC [13] DP-HTRC API.
- Issue(s):
- Land Use & Growth
Companion Bills
Related Legislators
- Bill Sponsor:
- Rodolpho “Rudy” Martinez
Related Documents
- Downloads:
-
Introduced
HAGC Committee Report
Fiscal Impact Report
Summary
House Bill 237 creates a compensating and gross receipts tax deduction available to chile producers and processors for certain equipment purchased for use in the production and processing of chile. The tax deduction will be available only until June 30, 1019. The purpose of the deduction is to enable the greater production and processing of chile in New Mexico.
Further, the deduction:
- is equal to the value of the equipment purchased;
- applies to any variety of the pepper “Capsicum annuum” grown in New Mexico; and,
- is limited to chile producers and processors who derive at least 20% of their adjusted gross income from the sale of chile products that are a direct result of chile processing or chile production.
This bill is for the Interim Revenue Stabilization and Tax Policy Committee.
This bill is a companion bill to Senate Bill 129.
Outcome: HB 237 died in the House Taxation and Revenue Committee.
Date of Summary: 1/25/13; Updated 5/16/13