New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 114 - EXEMPTION - GROSS RECEIPTS AND COMPENSATING TAX - FUEL
Section 3.2.114.8 - REFUND OF TAX
Universal Citation: 3 NM Admin Code 3.2.114.8
Current through Register Vol. 35, No. 18, September 24, 2024
When a refund of tax imposed by Sections 7-13-3 and 7-16A-3 NMSA 1978 is given the purchaser under Sections 7-13-17 or 7-16A-13.1 NMSA 1978, the compensating tax will be deducted from such refund and no gross receipts tax will be charged at the time of sale of the product. The reasonable value of gasoline or special fuel for compensating tax purposes will be the price paid for the fuel, including any applicable excise taxes whether separately stated or included in the price. This version of 3.2.114.8 NMAC applies to transactions on or after July 1, 1998.
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