New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 209 - GOVERNMENTAL GROSS RECEIPTS
Section 3.2.209.21 - COMPENSATING TAX ON MATERIALS
Universal Citation: 3 NM Admin Code 3.2.209.21
Current through Register Vol. 35, No. 18, September 24, 2024
When a person engaged in the construction business leases or otherwise uses a construction project which was built with construction materials purchased with a nontaxable transaction certificate, the compensating tax is due on the value of the construction materials incorporated into the project. The value to be reported is the actual cost.
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