New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 110 - EXEMPTION - GROSS RECEIPTS TAX - BOATS
Section 3.2.110.9 - DISCOUNTING OF BOATS SALES CONTRACTS
Universal Citation: 3 NM Admin Code 3.2.110.9
Current through Register Vol. 35, No. 18, September 24, 2024
Because the sale of commercial paper in itself is not subject to the gross receipts tax and because receipts from underlying transactions are exempt under Section 7-9-22.1 NMSA 1978, receipts from the sale of financing agreements to a bank or a financial corporation with respect to the sale of a boat subject to taxation under Section 66-12-6.1 NMSA 1978 are also exempt.
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