SB 174

                                1  SENATE BILL 174
                                2      57TH LEGISLATURE - STATE OF NEW MEXICO - SECOND SESSION, 2026
                                3  INTRODUCED BY
                                4  Candy Spence Ezzell
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                                10  AN ACT
                                11   RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION
                                12   FOR THE SALE OF GOLD AND SILVER COINS OR BULLION.
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                                14   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
                                15        SECTION 1.    A new section of the Gross Receipts and
                                16   Compensating Tax Act is enacted to read:
[bracketed material] = delete
                                17        "[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS FROM THE SALE OF
underscored material = new
                                18   GOLD AND SILVER COINS OR BULLION.--
                                19  A.   Prior to July 1, 2031, receipts from the sale of
                                20   gold and silver coins or bullion may be deducted from gross
                                21   receipts.
                                22  B.   A taxpayer allowed the deduction pursuant to
                                23   this section shall report the amount of the deduction to the
                                24   department in a manner required by the department.
                                25  C.   The deduction provided by this section shall be
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                                1    included in the tax expenditure budget pursuant to Section
                                2    7-1-84 NMSA 1978, including the annual aggregate cost of the
                                3    deduction.
                                4  D.   As used in this section, "bullion" means a bar,
                                5    an ingot or a commemorative medallion where the value of the
                                6    metal depends on its content and not the form."
                                7  SECTION 2.     EFFECTIVE DATE.--The effective date of the
                                8    provisions of this act is July 1, 2026.
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[bracketed material] = delete
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underscored material = new
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