§ 44-88. Fourth additional gross receipts tax imposed.

(a)

Imposed. There is imposed on any person engaging in business in the municipality for the privilege of engaging in business in the municipality an excise tax equal to one-fourth percent of the gross receipts reported or required to be reported by the person pursuant to the New Mexico Gross Receipts and Compensating Tax Act as it now exists or as it may be amended. The tax imposed under this section is pursuant to the Municipal Gross Receipts Tax Act as it now exists or as it may be amended and shall be known as the "Municipal Gross Receipts Tax."

(b)

General provisions. The ordinance from which this section is derived hereby adopts and incorporates by reference as if fully set forth in this section all definitions, exemptions and deductions contained in the Gross Receipts and Compensation Tax Act as it now exists or as it may be amended.

(c)

Specific exemptions. No municipal gross receipts tax shall be imposed on the gross receipts arising from:

(1)

Transporting persons or property for hire by railroad, motor vehicle, air transportation or any other means from one point within the municipality to another point outside the municipality; or

(2)

A business located outside the boundaries of a municipality on land owned by that municipality for which a gross receipts tax distribution is made pursuant to NMSA 1978, § 7-1-6.4.

(d)

Dedication. Revenue from the municipal gross receipts tax will be used for the purpose of equipment and employees salaries.

(e)

Effective date. The effective date of the municipal gross receipts tax shall be July 1, 1987.

(Code 1979, §§ 27-97, 27-98; Code 2005, § 110.068; Ord. No. 773, §§ 1—5, 12-3-1986; Ord. No. 775, § 1, 3-30-1987)