Bill > SB382

This bill introduces a new tax deduction for businesses selling gold or silver coins and bullion in New Mexico, allowing them to deduct the gross receipts from these sales from their total taxable gross receipts. The bill provides a precise definition of "gold or silver bullion" as refined precious metals whose value is primarily determined by mass and purity, including bars, ingots, and rounds, but specifically excluding jewelry, art pieces, and commemorative items. Retailers claiming this deduction must separately report the deduction amount to the tax department, and the deduction will be tracked as a tax expenditure in the state's tax expenditure budget, which means its total annual cost will be documented. The law would take effect on July 1, 2025, providing businesses a tax benefit for selling pure gold and silver products that meet the specific criteria outlined in the bill. This deduction could potentially encourage precious metal sales and provide a financial incentive for businesses dealing in these types of commodities.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=382&year=25