Bill > SB4

This bill amends existing New Mexico law to include "nicotine products" alongside "tobacco products" in various tax-related statutes, effectively extending taxation and regulation to these newer items. Specifically, it updates the Tax Administration Act to encompass the "Tobacco and Nicotine Products Tax Act," clarifies definitions within this act to include "electronic delivery device" and "nicotine product," and establishes a new excise tax of four cents per milligram of nicotine on nicotine products distributed or consumed in New Mexico. The bill also mandates labeling requirements for nicotine products to indicate their nicotine content and allows for compliance testing by the Department of Health's scientific laboratory division. Furthermore, it provides for exemptions, deductions for interstate sales, and refund or credit procedures for nicotine products, mirroring those for tobacco products, and requires registration and record-keeping for businesses selling nicotine products.