A. Prior to July 1, 2022, receipts from construction services to implement a fighter aircraft pilot training mission project at a New Mexico military installation pursuant to contracts entered into with the United States department of defense may be deducted from gross receipts; provided that the military installation is located in a class B county with a population greater than sixty thousand according to the most recent federal decennial census.
B. The purpose of the deduction provided by this section is to encourage the permanent relocation of fighter aircraft squadrons from other states to a military installation in New Mexico.
C. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department.
D. The department shall compile an annual report on the deduction provided by this section that shall include the number of taxpayers that claimed the deduction, the aggregate amount of deductions claimed and any other information necessary to evaluate the effectiveness of the deduction. The department shall present the annual report to the revenue stabilization and tax policy committee and the legislative finance committee with an analysis of the effectiveness and cost of the deduction and whether the deduction is performing the purpose for which it was created.
History: Laws 2007, ch. 172, § 8; repealed and reenacted by Laws 2018, ch. 62, § 1.
Repeals and reenactments. — Laws 2018, ch. 62, § 1 repealed former 7-9-106 NMSA 1978, and enacted a new section, effective July 1, 2018.
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