New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 201 - NONTAXABLE TRANSACTION CERTIFICATES, FARMERS' AND RANCHERS' STATEMENTS AND OTHER EVIDENCE REQUIRED TO ENTITLE PERSONS TO DEDUCTIONS
Section 3.2.201.16 - DIFFERENCE BETWEEN "ISSUE" AND "EXECUTE"

Universal Citation: 3 NM Admin Code 3.2.201.16
Current through Register Vol. 35, No. 18, September 24, 2024

As used in Section 7-9-43 NMSA 1978 and in regulations concerning nontaxable transaction certificates (nttcs), the verb "issue" indicates the process by which the department supplies a requesting taxpayer with one or more nttc forms, which in turn are to be completed by that taxpayer and delivered to the taxpayer's vendors to support a claim of deduction by the vendor. Only the department issues nttcs. The verb "execute" refers to the process by which a taxpayer, having already obtained the requisite forms from the department, completes an nttc form by entering the required information about the vendor to whom the nttc is to be delivered. When timely delivered, the executed nttc serves as the required or permitted proof to support a claim of deduction by the vendor with respect to certain transactions between the taxpayer and the vendor. The department, as a purchaser of goods or services, may also execute nttc forms for delivery to its vendors.

Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.