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SB174 • 2026

GOLD & SILVER SALE GRT DEDUCTION

GOLD & SILVER SALE GRT DEDUCTION

Did Not Pass

The latest official action shows that this bill did not move forward in that session.

Sponsor
Senator Candy Spence Ezzell
Last action
Official status
[5] SCC/STBTC/SFC-SCC-germane-STBTC API.
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

GOLD & SILVER SALE GRT DEDUCTION

GOLD & SILVER SALE GRT DEDUCTION

What This Bill Does

  • GOLD & SILVER SALE GRT DEDUCTION

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-01-29 New Mexico Legislature

    SCC: Reported by committee to fall within the purview of a 30 day session

  2. 2026-01-28 New Mexico Legislature

    Sent to SCC - Referrals: SCC/STBTC/SFC

  3. New Mexico Legislature

    Action Postponed Indefinitely

Official Summary Text

GOLD & SILVER SALE GRT DEDUCTION

Current Bill Text

Read the full stored bill text 
SB0174

SENATE BILL 174

57th legislature - STATE OF NEW MEXICO - second session, 2026

INTRODUCED BY

Candy Spence Ezzell

AN ACT

RELATING TO TAXATION; PROVIDING A GROSS RECEIPTS TAX DEDUCTION
FOR THE SALE OF GOLD AND SILVER COINS OR BULLION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

SECTION 1.
A new section of the Gross Receipts and
Compensating Tax Act is enacted to read:

"[
NEW MATERIAL
]
DEDUCTION--GROSS RECEIPTS FROM THE SALE OF
GOLD AND SILVER COINS OR BULLION.--

A. Prior to July 1, 2031, receipts from the sale of
gold and silver coins or bullion may be deducted from gross
receipts.

B. A taxpayer allowed the deduction pursuant to

this section shall report the amount of the deduction to the

department in a manner required by the department.

C. 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.

D. As used in this section, "bullion" means a bar,
an ingot or a commemorative medallion where the value of the
metal depends on its content and not the form."

SECTION 2.
EFFECTIVE DATE.--The effective date of the
provisions of this act is July 1, 2026.

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