1. A. A taxpayer that deducts an amount of special fuel that is biodiesel from the total amount of special fuel received in New Mexico pursuant to Paragraph (2) of Subsection H of Section 7-16A-10 NMSA 1978 shall report the deducted amount separately with the taxpayer's return in a manner prescribed by the department.
2. B. The deduction provided by this section shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the annual aggregate cost of the deduction.

History: Laws 2013, ch. 109, § 3; 2025, ch. 130, § 97.

ANNOTATIONS

The 2025 amendment, effective July 1, 2025, revised reporting requirements; in Subsection B, after the subsection designation, deleted the former subsection and added "The deduction provided by this section shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the annual aggregate cost of the deduction".

Applicability. — Laws 2013, ch. 109, § 5 provided that the provisions of Laws 2013, ch. 109 apply to special fuel received on or after:

A. May 1, 2013, provided that prior to May 1, 2013, provisions of this act are enacted into law; or

B. July 1, 2013.