NM SB182

Creates a gross receipts tax deduction for sales of dyed diesel fuel (special fuel dyed in accordance with federal regulations) through June 30, 2031

Repeals the existing gross receipts tax credit for dyed diesel used for agricultural purposes (Section 7-9-58.1 NMSA 1978, enacted in 2024)

Requires taxpayers claiming the deduction to report the deduction amount separately to the department

Mandates inclusion of the deduction in the state's tax expenditure budget, including tracking of annual aggregate costs

Effective date is July 1, 2026