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.

B. The department shall calculate the aggregate amount, in dollars, of the difference between the amount of special fuel excise tax that would have been collected in a fiscal year if not for the deduction allowed pursuant to Paragraph (2) of Subsection H of Section 7-16A-10 NMSA 1978 and the amount of special fuel excise tax actually collected. The department shall compile an annual report that includes the aggregate amount, the number of taxpayers that deducted an amount of special fuel pursuant to Paragraph (2) of Subsection H of Section 7-16A-10 NMSA 1978 and any other information necessary to evaluate the deduction. Beginning in 2017 and every five years thereafter, the department shall compile and present the annual reports to the revenue stabilization and tax policy committee and the legislative finance committee with an analysis of the costs and benefits of the deduction to the state.

History: Laws 2013, ch. 109, § 3.

Effective dates. — Laws 2013, ch. 109, § 6 provided that Laws 2013, ch. 109 was effective May 1, 2013, provided that prior to May 1, 2013 the provisions of the act are enacted into law, or July 1, 2013.

Laws 2013, ch. 109, § 7, contained an emergency clause and was approved April 2, 2013.

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.