N.M. Admin. Code § 3.2.2.11
Current through Register Vol. 35, No. 21, November 5, 2024
A contractor who receives progress payments or other consideration for services performed on and materials provided for a construction project as defined in Section 7-9-3.4 NMSA 1978 must report such payments or other consideration as gross receipts. If the contractor is a cash-basis taxpayer, the contractor must report any such payments or other consideration actually received in a particular month as receipts for that month. If the contractor is an accrual basis taxpayer, any amounts which the contractor earned or billed or to which the contractor became entitled during a particular month must be reported as receipts for that month as required by Section 7-9-11 NMSA 1978.
N.M. Admin. Code § 3.2.2.11