[Adopted 11-8-2005 by Ord. No. 222-05]
There is imposed on any person engaging in business
in this County for the privilege of engaging in business in this County
an excise tax equal to 1/16 of 1% (0.0625%) 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.[1] The tax imposed under this article is pursuant to the
County Local Option Gross Receipts Tax Act as it now exists or as
it may be amended[2] and shall be known as the "1/16 increment of the County
gross receipts tax."
This article hereby adopts by reference all
definitions, exemptions and deductions contained in the Gross Receipts
and Compensating Tax Act as it now exists or as it may be amended.[1]
[1]
Editor's Note: See NMSA § 7-9-1
et seq.
No County gross receipts tax shall be imposed
on the gross receipts arising from:
Revenue from the County gross receipts tax will
be used for the following purpose: Proceeds from the 1/16 increment
of the tax may be used for general purposes.
The effective date of the first 1/16 increment
of the County gross receipts tax shall be either January 1 or July
1, whichever date occurs first after the expiration of three months
from the date this article is adopted, unless an election is held
on the question of approving the ordinance, in which case the effective
date shall be either January 1 or July 1, whichever date occurs first
after the expiration of three months from the date when the results
of the election are certified to be in favor of the ordinance's adoption.
