Bill > SB174

This bill, titled "Gold & Silver Sale Grt Deduction," proposes to amend the Gross Receipts and Compensating Tax Act in New Mexico by creating a new deduction for gross receipts derived from the sale of gold and silver coins or bullion. "Gross receipts" refers to the total amount of money received by a business before any deductions or expenses are taken out. The bill specifies that this deduction is available for sales made before July 1, 2031, and requires taxpayers to report the amount of the deduction to the relevant department. Importantly, "bullion" is defined within the bill as a bar, ingot, or commemorative medallion whose value is determined by its metal content rather than its shape. This tax expenditure, meaning a reduction in tax revenue due to a specific tax break, will be tracked annually, and the bill will become effective on July 1, 2026.