N.M. Stat. § 7-9-45

Current through 2024, ch. 69

Section 7-9-45 - Deductions

A. Receipts may only be deducted once from gross receipts or governmental gross receipts when computing the gross receipts tax or governmental gross receipts tax due.

B. The same receipts shall not be both exempt from the gross receipts tax and deducted from gross receipts.

C. The same receipts shall not be both exempt from the governmental gross receipts tax and deducted from governmental gross receipts.

NMS § 7-9-45

1978 Comp., § 7-9-45, enacted by Laws 1969, ch. 144, § 35; 1970, ch. 77, § 1; 1970, ch. 78, § 1; 1971, ch. 217, § 1; 1972, ch. 39, § 1; 1977, ch. 288, § 1; 1979, ch. 338, § 2; 1984, ch. 129, § 1; 1989, ch. 262, § 5; 1994, ch. 45, § 3; 1995, ch. 70, § 5; 1999, ch. 231, § 2; 2017 (1st S.S.), ch. 3, § 16.

Amended by 2017SP1, c. 3,s. 16, eff. 7/1/2017.