A. Receipts from selling uranium hexafluoride and from providing the service of enriching uranium may be deducted from gross receipts.
B. The department shall annually report to the revenue stabilization and tax policy committee aggregate amounts of deductions taken pursuant to this section, the number of taxpayers claiming the deduction and any other information that is necessary to determine that the deduction is performing a purpose that is beneficial to the state.
C. A taxpayer deducting gross receipts pursuant to this section shall report the amount deducted separately and attribute the amount of the deduction to the authorization provided in this section in a manner required by the department that facilitates the evaluation by the legislature for the benefit to the state of this deduction.
History: Laws 1999, ch. 231, § 3; 2012, ch. 13, § 1.
ANNOTATIONSCross references. — For deduction of value of equipment and its replacement parts from compensating tax, see 7-9-78.1 NMSA 1978.
The 2012 amendment, effective May 16, 2012, provided for a deduction of receipts from sales of uranium hexafluoride; required reports to determine whether the deduction is beneficial to the state; in the title, after "sales of", deleted "enriched", and after "uranium", added "hexafluoride"; in Subsection A, after "Receipts from selling", deleted "enriched", and after "uranium", added "hexafluoride"; and added Subsections B and C.