N.M. Stat. § 7-9-47

Current through 2024, ch. 69

Section 7-9-47 - Deduction; gross receipts tax; governmental gross receipts tax; sale of tangible personal property or licenses for resale

Receipts from selling tangible personal property or licenses may be deducted from gross receipts or from governmental gross receipts if the sale is made to a person who delivers a nontaxable transaction certificate to the seller or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. The buyer must resell the tangible personal property or license either by itself or in combination with other tangible personal property or licenses in the ordinary course of business.

NMS § 7-9-47

1953 Comp., § 72-16A-14.2, enacted by Laws 1969, ch. 144, § 37; 1992, ch. 39, § 6; 1992, ch. 100, § 5; 1994, ch. 45, § 4.

Amended by 2021, c. 65,s. 14, eff. 7/1/2021.