A. Imposition Of Tax: There is imposed on any person engaging in business in the City for the privilege of engaging in business in the City an excise tax equal to one-eighth of one percent (1/8%) 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 as it may be amended. The tax imposed under this Section is pursuant to the Municipal Infrastructure Gross Receipts Tax Act as it now exists or as it may be amended and shall be known as the "Municipal infrastructure gross receipts tax".
B. General Provisions: This Section hereby adopts by reference all definitions, exemptions and deductions contained in the Gross Receipts and Compensating Tax Act as it now exists or as it may be amended.
C. Specific Exemptions: No Municipal infrastructure gross receipts tax shall be imposed on the gross receipts arising from:
1. The transmission of messages by wire or other means from one point within the City to another point outside the City;
2. Transporting persons or property for hire by railroad, motor vehicle, air transportation or any other means from one point within the City to another point outside the City; or (Ord. 1992-01, 3-25-1992)
3. A business located outside the boundaries of a municipality on land owned by that municipality for which a gross receipts tax distribution is made pursuant to New Mexico Statutes Annotated subsection A(3) of section 7-1-6.4. (Ord. 1992-01, 3-25-1992; amd. 2000 Code)
D. Dedication: Revenue from the Municipal infrastructure gross receipts tax will be used for the general Municipal purposes.
E. Effective Date: The effective date of the Municipal infrastructure gross receipts tax shall be either January 1 or July 1, whichever date occurs first after the expiration of at least three (3) months from the date this Section is adopted. (Ord. 1992-01, 3-25-1992)