Chapter 7, Article 9 NMSA 1978 may be cited as the “Gross Receipts and Compensating Tax Act”. History: 1953 Comp., § 72-16A-1, enacted by Laws 1966, ch. 47, § 1; 1979, ch. 90, § 1. ANNOTATIONS Cross references. — For the applicability of the Tax Administration Act, see 7-1-2 NMSA 1978. For the duties with […]
A. Every person carrying on or causing to be carried on any activity within this state attempting to exploit New Mexico’s markets who sells property or sells property and service for use in this state and who is not subject to the gross receipts tax on receipts from these sales shall collect the compensating tax […]
Receipts from selling construction equipment or construction materials used in the new facility construction of a sole community provider hospital [qualifying hospital] that is located in a federally designated health professional shortage area may be deducted from gross receipts if the sale of the construction equipment or construction materials is made to a foundation or […]
Receipts from selling equipment to the New Mexico renewable energy transmission authority or an agent or lessee of the authority may be deducted from gross receipts if the equipment is installed as part of an electric transmission facility or an interconnected storage facility acquired by the authority pursuant to the New Mexico Renewable Energy Transmission […]
The value of equipment installed as part of an electric transmission facility or an interconnected storage facility acquired by the New Mexico renewable energy transmission authority pursuant to the New Mexico Renewable Energy Transmission Authority Act [Chapter 62, Article 16A NMSA 1978] may be deducted in computing compensating tax due. History: Laws 2007, ch. 3, […]
Receipts from providing services to the New Mexico renewable energy transmission authority or an agent or lessee of the authority for the planning, installation, repair, maintenance or operation of an electric transmission facility or an interconnected storage facility acquired by the authority pursuant to the New Mexico Renewable Energy Transmission Authority Act [Chapter 62, Article […]
A. Receipts from the transmission of electricity where voltage source conversion technology is employed to provide such services and from ancillary services may be deducted from gross receipts. B. The department shall report annually to the interim revenue stabilization and tax policy committee on the expansion of voltage source conversion technology use in the transmission […]
A. Receipts from operating a market or exchange for the sale or trading of electricity, rights to electricity and derivative products and from providing ancillary services may be deducted from gross receipts. B. The department shall report annually to the interim revenue stabilization and tax policy committee on use of the deduction provided in this […]
Receipts received from July 1, 2007 through June 30, 2022 from admissions to a nonathletic special event held at a venue that is located on the campus of a post-secondary educational institution within fifty miles of the New Mexico border and that accommodates at least ten thousand persons may be deducted from gross receipts or […]
A. A taxpayer who paid a penalty pursuant to the provisions of Section 7-1-71.2 NMSA 1978 [repealed] in effect prior to July 1, 2007 may claim a credit for the amount of the penalty. B. To claim the credit provided in Subsection A of this section, the taxpayer shall apply to the taxation and revenue […]
A. Prior to July 1, 2022, receipts from construction services to implement a fighter aircraft pilot training mission project at a New Mexico military installation pursuant to contracts entered into with the United States department of defense may be deducted from gross receipts; provided that the military installation is located in a class B county […]
Receipts from producing or staging a professional boxing, wrestling or martial arts contest that occurs in New Mexico, including receipts from ticket sales and broadcasting, may be deducted from gross receipts. History: Laws 2007, ch. 172, § 9. ANNOTATIONS Effective dates. — Laws 2007, ch. 172, § 30 made Laws 2007, ch. 172, § 9 […]
A. Receipts from fees received for performing management or investment advisory services for a mutual fund, hedge fund or real estate investment trust may be deducted from gross receipts. B. As used in this section: (1) “hedge fund” means a private investment fund or pool, the assets of which are managed by a professional management […]
A. Receipts from sales of veterinary medical services, medicine or medical supplies used in the medical treatment of cattle may be deducted from gross receipts if the sale is made to a person who states in writing that the person is regularly engaged in the business of ranching or farming, including dairy farming, in New […]
The taxes imposed by the Gross Receipts and Compensating 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: 1953 Comp., § 72-16A-11, enacted by Laws 1966, ch. 47, § 11; 1969, ch. 25, § 2.
History: Laws 2007, ch. 172, § 12. ANNOTATIONS Compiler’s notes. — Laws 2008, ch. 11, § 1, amended Laws 2007, ch. 172, § 29, to provide that if the requirements of Subsection A of Laws 2007, ch. 172, § 29 were not fulfilled, the effective date of this section would be July 1, 2010, provided […]
Receipts from the sale of fuel to a common carrier to be loaded or used in a locomotive engine may be deducted from gross receipts. For the purposes of this section, “locomotive engine” means a wheeled vehicle consisting of a self-propelled engine that is used to draw trains along railway tracks. History: Laws 2011, ch. […]
The value of fuel to be loaded or used by a common carrier in a locomotive engine may be deducted in computing the compensating tax due. For the purposes of this section, “locomotive engine” means a wheeled vehicle consisting of a self-propelled engine that is used to draw trains along railway tracks. History: Laws 2011, […]
A. The purpose of the deduction on fuel loaded or used by a common carrier in a locomotive engine from gross receipts and from compensating tax is to encourage the construction, renovation, maintenance and operation of railroad locomotive refueling facilities and other railroad capital investments in New Mexico. B. To be eligible for the deduction […]
A. Receipts that are not exempt from gross receipts taxation and are not deductible pursuant to another provision of the Gross Receipts and Compensating Tax Act that are from the sale of vision aids or hearing aids or related services may be deducted from gross receipts. B. As used in this section: (1) “hearing aid” […]
