Bill > SB662

This bill exempts receipts from the sale of fine art at an auction from the gross receipts tax, which is a tax on the total amount of money received from selling goods and services, provided that the buyer is not a resident of New Mexico and does not have a principal place of business in the state, and the auction takes place within a specific type of municipality. A municipality is defined for the purposes of this bill as one with a population between 67,500 and 68,000, located in a class A county with a population between 144,000 and 145,000, based on the most recent federal census. The bill defines "auction" as a sale to the highest bidder, an "auction house" as a business primarily engaged in conducting auctions as an agent for sellers of fine art, and "fine art" as any original work of visual or graphic art of recognized quality in any media. This exemption is set to take effect on July 1, 2015.