New Mexico Administrative Code

December 14, 2012, 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. Receipts from leasing construction equipment, with or without operators, on or after January 1, 2013, to a person engaged in the construction business may be deducted from the lessor's gross receipts pursuant to Section 7-9-52.1 NMSA 1978. B. Example 1: A is regularly engaged …

A. Receipts from the lease of construction equipment on or after January 1, 2013, may be deducted from gross receipts tax if the leased items are used on a construction project and the requirements of Section 7-9-52.1 NMSA 1978 are met. The following are some examples of items th…

Economic Development Department

This part applies to each person claiming the locomotive fuel deduction from gross receipts or in computing the compensating tax.

The promulgation of rules for the issuance of a certificate of eligibility for the purposes of claiming a deduction of receipts from the sale of fuel loaded or used by a common carrier in a locomotive engine from gross receipts and of claiming a deduction of the value of fuel to …

Permanent.

July 1, 2012.

The purpose of the deduction of receipts from the sale of fuel loaded or used by a common carrier in a locomotive engine from gross receipts and of the deduction of the value of fuel to be loaded or used by a common carrier in a locomotive engine in computing the compensating tax…

For the purposes of this section, "locomotive engine" means a wheeled vehicle consisting of a self-propelled engine that is used to draw trains along railway tracks.

A. To be eligible for the deduction of receipts from the sale of fuel loaded or used by a common carrier in a locomotive engine from gross receipts, the sale shall be made to a common carrier that, after July 1, 2011, made a capital investment of one hundred million dollars ($100…

A. Every taxpayer that claims a deduction under Section 7-9-110.1 NMSA 1978 shall report to the economic development department, on forms provided by the department, the following information no later than August 1 for the full year ending on the previous June 30: (1) the amount …

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.

October 13, 2021, 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 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 subdiv…

Under Section 7-9-79.1 NMSA 1978, if another state's sales, gross receipts, or similar tax is paid on services performed outside the state, the gross receipts from which would be subject to the New Mexico gross receipts tax, the taxpayer may take a credit for against the gross re…

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 credit under Section 7-9-79 NMSA 1978 cannot exceed the amount of compensating tax assessed by New Mexico on the property on which the out-of-state tax was paid, and excess amounts cannot be applied to other out-of-state purchases. B. Example 1: Q, a New Mexico constructio…

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 …

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.

4/14/06, 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. Qualifying sales conditions. The seller of a service may qualify for the credit if the transaction meets these conditions: (1) the sale for which the credit is sought is subject to gross receipts tax or governmental gross receipts tax; (2) the service is sold for subsequent re…

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.

September 24, 2024, 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.

Taxable Period: A "taxable period" for the purposes of Section 7-9-121 NMSA 1978 is one month. The month starts on the first day of a calendar month and ends on the last day of that calendar month.

A. The credit pursuant to Section 7-9-121 NMSA 1978, shall be claimed on the gross receipts tax return for the month that the qualifying transaction occurred. Taxpayers who have been authorized to report and pay gross receipts taxes at an interval other than monthly pursuant to S…

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.