New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 212 - IMPOSITION AND RATE OF GOVERNMENTAL GROSS RECEIPTS TAX
Section 3.2.212.20 - METROPOLITAN REDEVELOPMENT PROJECTS
Universal Citation: 3 NM Admin Code 3.2.212.20
Current through Register Vol. 35, No. 18, September 24, 2024
A. Receipts from selling tangible personal property which is or will be incorporated into a metropolitan redevelopment project created under the Metropolitan Redevelopment Code in New Mexico are subject to gross receipts tax.
B. A seller of tangible personal property which is or will be incorporated into a metropolitan redevelopment project created under the Metropolitan Redevelopment Code may not claim the deduction from gross receipts provided by Section 7-9-54 NMSA 1978 by accepting a nontaxable transaction certificate from the municipality in question nor by proving payment from government funds.
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