New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 20 - GOVERNMENTAL GROSS RECEIPTS
Section 3.2.20.11 - INTANGIBLES - INDEBTEDNESS

Universal Citation: 3 NM Admin Code 3.2.20.11

Current through Register Vol. 35, No. 18, September 24, 2024

A. Proceeds from the sale of indebtedness by any agency, institution, instrumentality or political subdivision of the state of New Mexico are not receipts from a taxable activity and are not governmental gross receipts.

B. Receipts of any agency, institution, instrumentality or political subdivision of the state of New Mexico from repayment of indebtedness are not receipts from a taxable activity and are not governmental gross receipts.

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