New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 109 - EXEMPTION - GROSS RECEIPTS TAX - VEHICLES
Section 3.2.109.10 - DISCOUNTING OF VEHICLES SALES CONTRACTS

Universal Citation: 3 NM Admin Code 3.2.109.10
Current through Register Vol. 35, No. 18, September 24, 2024

The receipts of automobile dealers who sell automobiles and other vehicles subject to registration pursuant to Section 66-3-1 NMSA 1978 which are derived from the sale of financing agreements on such automobiles and vehicles to a bank or financial corporation are not subject to the gross receipts tax because the underlying transaction is exempted from that tax pursuant to Section 7-9-22 NMSA 1978 and the sale of commercial paper, an intangible, is not subject to the gross receipts tax.

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