There is imposed on any person engaging in business in this municipality, for the privilege of engaging in business in this municipality, an excise tax equal to 1/4 of 1% 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 is amended. The tax imposed under this section is pursuant to the Municipal Gross Receipts Tax Act, as it now exists or is amended, and shall be known as the "municipal gross receipts tax."
('74 Code, § 4-3-1) (Ord. 46-1987)