summary
Introduced
01/21/2016
01/21/2016
In Committee
01/27/2016
01/27/2016
Crossed Over
Passed
Dead
02/18/2016
02/18/2016
Introduced Session
2016 Regular Session
Bill Summary
Car Race Purse Gross Receipts
AI Summary
This bill exempts racecar drivers from paying the gross receipts tax on any prize money, known as "race purses," they win at racetracks located in New Mexico. The Gross Receipts Tax is a tax on the total amount of money a business receives from selling goods or services, and this bill specifically carves out an exemption for these winnings. The change will take effect on July 1, 2016.
Committee Categories
Budget and Finance, Business and Industry
Sponsors (1)
Last Action
[LD 9] Action postponed indefinitely (on 01/27/2016)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.nmlegis.gov/lcs/legislation.aspx?chamber=H&legtype=B&legno=264&year=16 |
| BillText | http://www.nmlegis.gov/Sessions/16%20Regular/bills/house/HB0264.pdf |
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