underscored material = new
[bracketed material] = delete
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SENATE BILL 382
57TH LEGISLATURE - STATE OF NEW MEXICO - FIRST SESSION, 2025
INTRODUCED BY
Candy Spence Ezzell
AN ACT
RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION
FOR THE SALE OF GOLD OR SILVER COINS AND GOLD OR SILVER
BULLION.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:
SECTION 1. A new section of the Gross Receipts and
Compensating Tax Act is enacted to read:
"[NEW MATERIAL] DEDUCTION--GROSS RECEIPTS--SALE OF GOLD OR
SILVER COINS AND BULLION.--
A. Receipts from the sale of gold or silver coins
and gold or silver bullion may be deducted from gross receipts.
B. A taxpayer allowed a deduction pursuant to this
section shall report the amount of the deduction separately in
a manner required by the department.
C. The deduction provided by this section is a tax
.229333.3 underscored material = new
[bracketed material] = delete
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expenditure and shall be included in the tax expenditure budget
pursuant to Section 7-1-84 NMSA 1978, including the total
annual aggregate cost of the deduction.
D. As used in this section, "gold or silver
bullion" means gold or silver and any combination thereof:
(1) that has gone through a refining process;
(2) that is in a state or condition such that
its value depends on its mass and purity and not on its form,
numismatic value or other value;
(3) that may contain other metals or
substances; provided that the other substances by themselves
have minimal value compared with the value of the gold or
silver;
(4) including bars, ingots and rounds; and
(5) excluding jewelry, works of art or novelty
or commemorative pieces."
SECTION 2. EFFECTIVE DATE.--The effective date of the
provisions of this act is July 1, 2025.
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