A. From July 1, 2003 through June 30, 2017, fifty-five percent of the value of the fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted in computing the compensating tax due.
B. After June 30, 2017, forty percent of the value of the fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted in computing the compensating tax due.
History: Laws 1993, ch. 364, § 2; 2003, ch. 214, § 3; 2006, ch. 51, § 2; 2011, ch. 74, § 2.
ANNOTATIONSRepeals. — Laws 1995, ch. 36, § 2, effective June 16, 1995, repealed Laws 1993, ch. 364, § 4, as amended by Laws 1994, ch. 5, § 26, which had provided for the repeal of 7-9-84 NMSA 1978, as enacted by Laws 1993, ch. 364, § 2, effective July 1, 1995.
The 2011 amendment, effective July 1, 2011, extended the sunset date for the deduction to June 30, 2017.
The 2006 amendment, effective May 17, 2006, changed "June 30, 2007" to "June 30, 2012" in Subsections A and B.
The 2003 amendment, effective July 1, 2003 added present Subsection B and inserted "From July 1, 2003 through June 30, 2007, fifty-five percent of the receipts" for "The" at the beginning of Subsection A and deleted "from the value of such fuel" following "may be deducted".