Deduction; gross receipts tax; aircraft sales and services;

reporting requirements. A. Receipts from the sale of or from maintaining, refurbishing, remodeling or otherwise modifying a commercial or military carrier over ten thousand pounds gross landing weight may be deducted from gross receipts. B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department. C. The deduction provided by this section shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978 with an analysis of the effectiveness and cost of the deduction. History: Laws 2000 (2nd S.S.), ch. 4, § 2; 2005, ch. 104, § 24; 2014, ch. 8, § 1; 2025, ch. 130, § 72.