New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 216 - DEDUCTION - GROSS RECEIPTS TAX - FEED - FERTILIZERS
Section 3.2.216.7 - DEFINITIONS
Universal Citation: 3 NM Admin Code 3.2.216.7
Current through Register Vol. 35, No. 18, September 24, 2024
A. "Farming" defined:
(1) A person regularly
engaged in the business of "farming" is a person who regularly engages in the
business of:
(a) cultivating a tract of land
of over one acre with the purpose of producing a plant which is grown primarily
for sale or use in the ordinary course of business as fiber or as food for
human or animal consumption;
(b)
growing plants in a greenhouse or by hydroponics primarily for sale or use in
the ordinary course of business as fiber or as food for human or animal
consumption; or
(c) cultivating an
orchard on a tract of land of over one acre with the purpose of producing nuts,
fruit or other products for sale or use in the ordinary course of business for
human or animal consumption.
(2) A person whose farming operation has been
determined by the internal revenue service to be a hobby for federal income tax
purposes is not regularly engaged in the business of farming.
B. "Ranching" defined:
(1) A person regularly
engaged in "ranching" is a person who regularly engages in the business of:
(a) grazing or rearing livestock, such as
horses, cattle, sheep or goats, on a tract of land of over one acre either with
the purpose of deriving receipts from selling the livestock or livestock
products such as meat, wool, mohair and dairy products;
(b) feeding, pasturing, penning or handling
of livestock;
(c) raising fish for
human consumption; or
(d) raising
poultry.
(2) A person
whose ranching operation has been determined by the internal revenue service to
be a hobby for federal income tax purposes is not regularly engaged in the
business of ranching.
C. "Feed for livestock" defined: "Feed for livestock" includes livestock feed supplements in a liquid state, which contain proteins, phosphorus, molasses, trace minerals, vitamins or other additives.
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.
