Chapter 7, Article 14A NMSA 1978 may be cited as the “Leased Vehicle Gross Receipts Tax Act”. History: Laws 1991, ch. 197, § 5; 1993, ch. 30, § 20. ANNOTATIONS The 1993 amendment, effective June 18, 1993, substituted “Chapter 7, Article 14A NMSA 1978” for “Sections 5 through 15 of this Act”.
At the end of each month, the net receipts attributable to the leased vehicle gross receipts tax and any associated penalties and interest shall be distributed as follows: A. one-fourth to the local governments road fund; and B. three-fourths to the highway infrastructure fund. History: Laws 1991, ch. 197, § 14; 1999 (1st S.S.), ch. […]
A. The department shall interpret the provisions of the Leased Vehicle Gross Receipts Tax Act. B. The department shall administer and enforce the collection of the leased vehicle gross receipts tax and the leased vehicle surcharge, and the Tax Administration Act applies to the administration and enforcement of the tax and the surcharge. History: Laws […]
As used in the Leased Vehicle Gross Receipts Tax Act: A. “department” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; B. “engaging in business” means carrying on or causing to be carried on the leasing […]
A. For the privilege of engaging in business, an excise tax equal to five percent of gross receipts is imposed on any person engaging in business in New Mexico. B. The tax imposed by this section shall be referred to as the “leased vehicle gross receipts tax”. History: Laws 1991, ch. 197, § 7. ANNOTATIONS […]
A. Except as provided in Subsection B of this section, there is imposed a surcharge on the leasing of a vehicle to another person by a person engaging in business in New Mexico if the lease is subject to the leased vehicle gross receipts tax. The amount of this surcharge is two dollars ($2.00) for […]
To prevent evasion of the leased vehicle gross receipts tax and the leased vehicle surcharge and to aid in their administration, it is presumed that all receipts of a person engaging in business are subject to the leased vehicle gross receipts tax and that all vehicles leased by that person are subject to the leased […]
When the leased vehicle gross receipts tax is stated separately on the books of the lessor and if the total amount of tax that is stated separately on transactions reportable within one reporting period is in excess of the amount of leased vehicle gross receipts tax otherwise payable on the transactions on which the tax […]
The tax and the surcharge imposed by the Leased Vehicle Gross Receipts Tax Act are to be paid on or before the twenty-fifth day of the month following the month in which the taxable event occurs. History: Laws 1991, ch. 197, § 10; 1993, ch. 359, § 3. ANNOTATIONS The 1993 amendment, effective July 1, […]
Receipts from transactions in interstate commerce may be deducted from gross receipts to the extent that the imposition of the leased vehicle gross receipts tax would be unlawful under the United States constitution. History: Laws 1991, ch. 197, § 11. ANNOTATIONS Effective dates. — Laws 1991, ch. 197, § 16 made Laws 1991, ch. 197, […]
Receipts represented by allowances granted for vehicle trade-ins may be deducted from gross receipts. History: Laws 1991, ch. 197, § 12. ANNOTATIONS Effective dates. — Laws 1991, ch. 197, § 16 made Laws 1991, ch. 197, § 12 effective July 1, 1991.
The receipts from the leasing by the owner of vehicles that were acquired by the owner prior to July 1, 1991 and with respect to which the excise tax pursuant to Section 7-14-3 NMSA 1978 was paid and a certificate of title issued prior to July 1, 1991 are exempt from the tax imposed by […]
