New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 301 - CREDIT - COMPENSATING TAX
Section 3.2.301.9 - CREDIT FOR COMPENSATING TAX PAID ON CONSTRUCTION PROJECTS
Universal Citation: 3 NM Admin Code 3.2.301.9
Current through Register Vol. 35, No. 18, September 24, 2024
A. A credit, equal to the amount of compensating tax paid to the department on the value of a construction project by a person engaged in the construction business, is allowed against the gross receipts tax due from that person on the receipts from the sale.
B. Only the tax paid to the department by the person engaged in the construction business is creditable under Section 7-9-79 NMSA 1978. Penalty and interest assessed by the department on compensating tax not reported and paid on time will not be credited.
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