New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 106 - EXEMPTION - GROSS RECEIPTS TAX - AGRICULTURAL PRODUCTS
Section 3.2.106.12 - BULL SEMEN
Universal Citation: 3 NM Admin Code 3.2.106.12
Current through Register Vol. 35, No. 18, September 24, 2024
A. Receipts from the sale of bull semen are exempt from the gross receipts tax because bull semen is an intermediate stage of an unprocessed agricultural product which is normally raised as food for human and animal consumption.
B. Nonreturnable containers used in transporting the semen are incidental to the sale of the semen. Therefore, the total receipts from the sale of the semen, including the nonreturnable containers, are exempted from the gross receipts tax.
C. However, receipts from leasing refrigeration equipment to purchasers, for storing the semen in New Mexico, are subject to the gross receipts tax.
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