New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 242 - DEDUCTION - GROSS RECEIPTS TAX - RECEIPTS OF RETAILERS FROM SALES OF CERTAIN TANGIBLE PERSONAL PROPERTY
Section 3.2.242.15 - RECEIPTS THAT ARE NOT DEDUCTIBLE
Universal Citation: 3 NM Admin Code 3.2.242.15
Current through Register Vol. 35, No. 18, September 24, 2024
Receipts from the following transactions are not deductible under Section 7-9-95 NMSA 1978:
A. Receipts from performing services on tangible personal property that are deductible under Section 7-9-95 NMSA 1978, such as the alteration or repair of clothing.
B. Receipts from leasing or renting tangible personal property. In order for the deduction under Section 7-9-95 NMSA 1978 to apply the qualified items must be sold at retail.
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