N.M. Stat. § 7-9-51

Current through 2024, ch. 69
Section 7-9-51 - Deduction; gross receipts tax; sale of construction material to persons engaged in the construction business
A. Receipts from selling construction material may be deducted from gross receipts if the sale is made to a person engaged in the construction business who delivers a nontaxable transaction certificate to the seller or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978.
B. The buyer must incorporate the construction material as:
(1) an ingredient or component part of a construction project that is subject to the gross receipts tax upon its completion or upon the completion of the overall construction project of which it is a part;
(2) an ingredient or component part of a construction project that is subject to the gross receipts tax upon the sale in the ordinary course of business of the real property upon which it was constructed; or
(3) an ingredient or component part of a construction project that is located on the tribal territory of an Indian nation, tribe or pueblo.

NMS § 7-9-51

1953 Comp., § 72-16A-14.6, enacted by Laws 1969, ch. 144, § 41; 2000, ch. 84, § 3; 2000, ch. 98, § 1; 2001, ch. 343, § 4.
Amended by 2021, c. 65,s. 18, eff. 7/1/2021.