New Mexico Administrative Code

Permanent.

11/15/96, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Gross Receipts and Compensating Tax Act.

[Reserved.]

The receipts of an escrow agent from charges made for handling installment purchase agreements (such as real estate contracts) are not receipts from handling loan payments and are not deductible from gross receipts under the provisions of Section 7-9-61.1 NMSA 1978.

A. A charge by a bank or other financial institution with respect to an honored commitment (using funds other than the depositor's to cover an overdraft) are charges made in connection with the origination, making or assumption of a loan and are deductible under Section 7-9-61.1 …

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630

Metal bins and similar devices designed to store feed on a farm or ranch, which, in addition to storing, measure and control the flow of livestock, are agricultural implements. Therefore, 50% of the receipts derived from selling those articles may be deducted from gross receipts …

Receipts derived from the sale of butane, propane, natural gas, electricity, or other fuel which is used in the operation of irrigation pumps are not receipts from the sale of agricultural implements and, therefore, are not subject to the 50% deduction from gross receipts provide…

Fifty percent of the receipts from selling motorized golf carts may be deducted from gross receipts because motorized golf carts are vehicles that are not required to be registered under the Motor Vehicle Code, Chapter 66.

Baling wire is not an agricultural implement within the meaning of Section 7-9-62 NMSA 1978, and therefore, the seller of baling wire to a farmer may not take the fifty percent deduction allowed under Section 7-9-62 NMSA 1978.

Mining equipment must be a "vehicle" as that term is defined in the Motor Vehicle Code in order to qualify for the deduction provided in Section 7-9-62 NMSA 1978 and Section 7-9-77 NMSA 1978. A "motor vehicle" as defined in the Motor Vehicle Code is a vehicle which is self-propel…

A. The written statement required by Section 7-9-62 NMSA 1978 for receipts from the sale of agricultural implements on or after July 1, 1998 shall be in the form set out in Subsection B of Section 3.2.216.8 NMAC and must be signed personally by the purchaser or the purchaser's ag…

This part applies to each person engaging in business in New Mexico.

Section 9-11-6.2 NMSA 1978.

Permanent.

11/15/96, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Gross Receipts and Compensating Tax Act.

[Reserved.]

A. The deduction provided by Section 7-9-62 NMSA 1978 applies to the net receipts from the sale after any trade-in allowance for the same type of equipment has been applied. B. Example: A is engaged in the business of selling heavy equipment. A sells B a D-11 tractor for $50,000.…

Proportioning pumps used to distribute metered amounts of fertilizer, herbicides, pesticides, fumigants and the like to crop land by mixing those substances with irrigation water are agricultural implements as that term is used in Section 7-9-62 NMSA 1978. Accordingly, fifty perc…

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630

This part applies to each person engaging in business in New Mexico.

Section 9-11-6.2 NMSA 1978.

Permanent.

11/15/96, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Gross Receipts and Compensating Tax Act.

[Reserved.]

A. The receipts of columnists, cartoonists and wire services from performing services in New Mexico are gross receipts and are not receipts from publishing as that term is used in Section 7-9-63 NMSA 1978. B. The gross receipts of columnists, cartoonists and wire services from pe…

A. A person engaged in the business of publishing magazines or newspapers in New Mexico can deduct the receipts from selling the published product to others for subsequent resale under Section 7-9-63 NMSA 1978. The publisher is not required to obtain a nontaxable transaction cert…

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630

Racing forms are not "newspapers" within the meaning of either Section 7-9-63 NMSA 1978 or 7-9-64 NMSA 1978.

A daily publication reporting solely recreational conditions, such as the hunting or fishing conditions of a particular recreational area, is not a "newspaper" within the meaning of either Section 7-9-63 NMSA 1978 or 7-9-64 NMSA 1978.

The receipts of a printer who manufactures newspapers for a publisher may take the deduction provided in Section 7-9-64 NMSA 1978 without regard to whether the newspapers are resold or distributed free of charge by the publisher. No nontaxable transaction certificate needs be del…

This part applies to all persons who sell newspapers.

Section 9-11-6.2 NMSA 1978.

Permanent.

10/15/96, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Gross Receipts and Compensating Tax Act.

[Reserved.]

A. As used in Sections 7-9-63 and 7-9-64 NMSA 1978, the term "newspaper" is limited to those publications which are commonly understood to be newspapers and which are printed and distributed periodically at daily, weekly or other short intervals for the dissemination of news. The…

A. Receipts from selling the publication of a credit bureau which provides information to subscribers concerning such matters as the filing of suits, mortgages and deeds and other information of interest to merchants and others who extend credit, whether sold as part of a credit …

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630

Receipts from selling chemicals or reagents used in treating oil wells for purposes of inhibiting or removing scale or corrosion, removing paraffin deposits and breaking down the oil-water-sludge demolition into separate components are not receipts from selling chemicals or reage…

Y Company sells salt to the X Mining Company which uses the salt as a reagent in processing ores in a well, smelter or refinery. Y may deduct the receipts from this sale, whether or not the salt was sold to X in lots in excess of eighteen tons.

This part applies to each person engaging in business in New Mexico.

Section 9-11-6.2 NMSA 1978.

Permanent.