DYED DIESEL GRT DEDUCTION

This bill creates a tax deduction for businesses selling dyed diesel fuel (used for non-highway purposes like farming) instead of the current tax credit system. It allows businesses to reduce their state gross receipts tax bill by the amount of dyed diesel sales, effective July 1, 2026, and requires separate reporting of this deduction. The deduction applies to all dyed diesel sales until July 1, 2031, replacing the existing credit for agricultural use. This change directly affects businesses selling dyed diesel fuel in New Mexico.