N.M. Admin. Code § 3.2.209.21
Current through Register Vol. 36, No. 1, January 14, 2025
When a person engaged in the construction business leases or otherwise uses a construction project which was built with construction materials purchased with a nontaxable transaction certificate, the compensating tax is due on the value of the construction materials incorporated into the project. The value to be reported is the actual cost.
N.M. Admin. Code § 3.2.209.21