New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 11 - PRESUMPTION OF TAXABILITY AND VALUE
Section 3.2.11.9 - VALUE OF DRUG SAMPLES
Universal Citation: 3 NM Admin Code 3.2.11.9
Current through Register Vol. 35, No. 18, September 24, 2024
The compensating tax on drug samples manufactured outside New Mexico and distributed to New Mexico physicians free of charge is assessed on the value of the finished product in the hands of the manufacturer. This value is the full price which would have been charged by the manufacturer if the samples had been sold, not just the cost of materials and packaging supplies. As of January 1, 1999, the compensating tax does not apply to the use of drugs which are "prescription drugs".
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