[Adopted 2-5-2007 by Ord. No. 227A-07]
There is imposed on any person engaging in business
in the district area of the County, for the privilege of engaging
in business in this County, an excise tax equal to 0.25% 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 Taxes Act as it now exists or as
it may be amended[2] and shall be known as the "the County regional spaceport
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 regional spaceport gross receipts
tax shall be imposed on the gross receipts arising from:
Revenue from the County regional spaceport gross
receipts tax will be used for the following purpose(s): The governing
body must dedicate at least 75% of the proceeds of this tax to the
regional spaceport district for the financing, planning, designing,
engineering and construction of a spaceport or for projects or services
of the district pursuant to the Regional Spaceport District Act.[1] The governing body may dedicate no more than 25% of the
revenue for spaceport-related projects as approved by resolution of
the governing body of the County.
[1]
Editor's Note: See NMSA § 5-16-1 et seq.
The effective date of the County regional spaceport
gross receipts tax 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 and the adopted ordinance is delivered or mailed
to the Taxation and Revenue Department.