New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 300 - CREDIT - GROSS RECEIPTS TAX - SERVICES
Section 3.2.300.8 - CREDIT FOR TAX PAID TO ANOTHER STATE ON SERVICES
Universal Citation: 3 NM Admin Code 3.2.300.8
Current through Register Vol. 35, No. 18, September 24, 2024
The credit allowed pursuant to the provisions of Section 7-9-79.1 NMSA 1978 shall not exceed the lesser of:
A. the actual amount of tax paid to the other state, paid to any political subdivision of the other state or the combined total paid to the other state and political subdivisions of that state; or
B. the amount determined by multiplying the total consideration received from the sale of the service exclusive of the amount of tax paid to the other state and any political subdivision of that state times the rate of gross receipts tax imposed under Section 7-9-4 NMSA 1978.
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