Should the revolving fund established pursuant to Section 6 [ 7-9E-6 NMSA 1978] of the Laboratory Partnership with Small Business Tax Credit Act cease to be used for the purposes stated in that act, any amounts remaining in the revolving fund, excluding initial funding from nontax credit sources, shall be paid over to the department as additional gross receipts taxes due. Such payment of additional gross receipts taxes due shall be made in the second month following the month a determination is made that the revolving fund ceases to be used for the purposes stated in that act.
§ 7-9E-9 NMSA 1978
Termination of the revolving fund
Known as the Laboratory Partnership with Small Business Tax Credit Act
The act spans §§ 7–7 (11 sections).
Laws 2000 (2nd S.S.), ch. 20, § 9.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.