New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 100 - EXEMPTIONS
Section 3.2.100.8 - REGISTRATION AND FILING

A. If a person conducts only activities which are exempt from the Gross Receipts and Compensating Tax Act under the sections cited in Section 7-9-12 NMSA 1978, that person does not have to register to file tax returns under the Gross Receipts and Compensating Tax Act.

B. If a person is engaged in business or businesses in which some of the transactions are subject to the tax and some are exempt, that person must register and file reports. However, the person is not required to include in reported gross receipts those receipts which are exempt. The person also is not required to include in computing the compensating tax the value of property which is exempt from compensating tax.

C. Example: A Co., which employs eight persons, is engaged solely in the business of buying and selling livestock on its own account. Since A's receipts are exempt from taxation under Section 7-9-18 NMSA 1978, it is not required to register for gross receipts taxation with the department under this Act. However, A is required to register and file the necessary returns under the Withholding Tax Act, Sections 7-3-1 through 7-3-12 NMSA 1978 and comply with any other tax laws that pertain to A's business.