N.M. Admin. Code § 3.2.241.8

Current through Register Vol. 35, No. 20, October 22, 2024

Section 3.2.241.8 - RECEIPTS DEDUCTIBLE UNDER OTHER SECTIONS

Health care practitioners may not deduct under Section 7-9-93 NMSA 1978 receipts that are deductible under others sections of the Gross Receipts and Compensating Tax Act. Receipts deductible under other sections include:

A. receipts from the United States or an agent thereof under Part B of medicare (Title 18 of the federal Social Security Act); these receipts are deductible under Section 7-9-77.1 NMSA 1978;

B. receipts from a third party administrator of the federal TRICARE program; these receipts are deductible under Section 7-9-77.1 NMSA 1978; and

C. receipts from health care services sold to a hospital or other person for re-sale with respect to which the practitioner has accepted a Type 5 nontaxable transaction certificate executed by the buyer; these receipts are deductible under Section 7-9-48 NMSA 1978.

N.M. Admin. Code § 3.2.241.8

3.2.241.8 NMAC - N, 4/29/05