New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 209 - GOVERNMENTAL GROSS RECEIPTS
Section 3.2.209.9 - ITEMS THAT ARE INGREDIENT OR COMPONENT PARTS - OIL FIELDS
Universal Citation: 3 NM Admin Code 3.2.209.9
Current through Register Vol. 35, No. 18, September 24, 2024
Receipts from the sale of casing, cement, shoes and float equipment, casing heads and well heads may be deducted from gross receipts if the other requirements of Section 7-9-51 NMSA 1978 are met and a nontaxable transaction certificate or alternative evidence is provided by a well drilling company performing a turnkey project, as these items become ingredient or component parts of the construction project.
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