Chapter 7 — Chapter 7

The Uniform Unclaimed Property Act (1995) shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of that act among states enacting it. History: Laws 1997, ch. 25, § 29.

depository. Tangible property held in a safe deposit box or other safekeeping depository in this state in the ordinary course of the holder's business and proceeds resulting from the sale of the property permitted by other law, are presumed abandoned if the property remains uncla…

Chapter 7, Article 8A NMSA 1978 may be cited as the "Uniform Unclaimed Property Act (1995)". History: Laws 1997, ch. 25, § 30; 2006, ch. 37, § 4.

If any provision of the Uniform Unclaimed Property Act (1995) or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of that act which can be given effect without the invalid provision or applicati…

Except as otherwise provided in the Uniform Unclaimed Property Act (1995) or by other statute of this state, property that is presumed abandoned, whether located in this or another state, is subject to the custody of this state if: (1) the last known address of the apparent owner…

A holder may deduct from property presumed abandoned a charge imposed by reason of the owner's failure to claim the property within a specified time only if there is a valid and enforceable written contract between the holder and the owner under which the holder may impose the ch…

check or draft. A record of the issuance of a check, draft or similar instrument is prima facie evidence of an obligation. In claiming property from a holder who is also the issuer, the administrator's burden of proof as to the existence and amount of the property and its abandon…

A. A holder of property presumed abandoned shall make a report to the administrator concerning the property. B. The report must be verified and must contain: (1) a description of the property; (2) except with respect to a traveler's check or money order, the name, if known, and l…

(a) Except for property held in a safe deposit box or other safekeeping depository, upon filing the report required by Section 7 [7-8A-7 NMSA 1978] of the Uniform Unclaimed Property Act (1995), the holder of property presumed abandoned shall pay, deliver, or cause to be paid or d…

The administrator shall publish a notice not later than November 30 of each year in which abandoned property has been paid or delivered to the administrator. The notice shall be published in a newspaper of general circulation in each county of this state. The advertisement must b…

Chapter 7, Article 9 NMSA 1978 may be cited as the "Gross Receipts and Compensating Tax Act". History: 1953 Comp., § 72-16A-1, enacted by Laws 1966, ch. 47, § 1; 1979, ch. 90, § 1.

History: 1953 Comp., § 72-16A-10, enacted by Laws 1966, ch. 47, § 10; 1983, ch. 220, § 3; 1990, ch. 41, § 2; 1998, ch. 92, § 5; 2000, ch. 101, § 2; 2001, ch. 65, § 2; 1978 Comp., § 7-9-10, repealed by Laws 2025, ch. 130, § 155.

equipment and construction materials used in new facility construction of a sole community provider hospital [qualifying hospital] that is located in a federally designated health professional shortage area. Receipts from selling construction equipment or construction materials u…

transmission or storage facilities. Receipts from selling equipment to the New Mexico renewable energy transmission authority or an agent or lessee of the authority may be deducted from gross receipts if the equipment is installed as part of an electric transmission facility or a…

electric transmission or storage facilities. The value of equipment installed as part of an electric transmission facility or an interconnected storage facility acquired by the New Mexico renewable energy transmission authority pursuant to the New Mexico Renewable Energy Transmis…

electric transmission and storage facilities. Receipts from providing services to the New Mexico renewable energy transmission authority or an agent or lessee of the authority for the planning, installation, repair, maintenance or operation of an electric transmission facility or…

A. Receipts from the transmission of electricity where voltage source conversion technology is employed to provide such services and from ancillary services may be deducted from gross receipts. B. A taxpayer allowed a deduction pursuant to this section shall report the amount of …

A. Receipts from operating a market or exchange for the sale or trading of electricity, rights to electricity and derivative products and from providing ancillary services may be deducted from gross receipts. B. A taxpayer allowed a deduction pursuant to this section shall report…

post-secondary educational institution. Prior to July 1, 2027, receipts from admissions to a nonathletic special event held at a venue that is located on the campus of a post-secondary educational institution within fifty miles of the New Mexico border and that accommodates at le…

History: Laws 2007, ch. 45, § 6; repealed by Laws 2023, ch. 85, § 28.

History: Laws 2007, ch. 172, § 8; repealed and reenacted by Laws 2018, ch. 62, § 1; repealed by Laws 2023, ch. 85, § 28.

professional contests. Receipts from producing or staging a professional boxing, wrestling or martial arts contest that occurs in New Mexico, including receipts from ticket sales and broadcasting, may be deducted from gross receipts. History: Laws 2007, ch. 172, § 9.

management or investment advisory services for mutual funds, hedge funds or real estate investment trusts. A. Receipts from fees received for performing management or investment advisory services for a mutual fund, hedge fund or real estate investment trust may be deducted from g…

medicine or medical supplies used in medical treatment of cattle. A. Receipts from sales of veterinary medical services, medicine or medical supplies used in the medical treatment of cattle may be deducted from gross receipts if the sale is made to a person who states in writing …

The taxes imposed by the Gross Receipts and Compensating Tax Act are to be paid on or before the twenty-fifth day of the month following the month in which the taxable event occurs. History: 1953 Comp., § 72-16A-11, enacted by Laws 1966, ch. 47, § 11; 1969, ch. 25, § 2.

History: Laws 2007, ch. 172, § 12.

Receipts from the sale of fuel to a common carrier to be loaded or used in a locomotive engine may be deducted from gross receipts. For the purposes of this section, "locomotive engine" means a wheeled vehicle consisting of a self-propelled engine that is used to draw trains alon…

The value of fuel to be loaded or used by a common carrier in a locomotive engine may be deducted in computing the compensating tax due. For the purposes of this section, "locomotive engine" means a wheeled vehicle consisting of a self-propelled engine that is used to draw trains…

A. The purpose of the deduction on fuel loaded or used by a common carrier in a locomotive engine from gross receipts and from compensating tax is to encourage the construction, renovation, maintenance and operation of railroad locomotive refueling facilities and other railroad c…

and related services. A. Receipts that are not exempt from gross receipts taxation and are not deductible pursuant to another provision of the Gross Receipts and Compensating Tax Act that are from the sale of vision aids or hearing aids or related services may be deducted from gr…

A. Receipts from the sale and installation of solar energy systems may be deducted from gross receipts. B. As used in this section, "solar energy system" means an installation that is used to provide space heat, hot water or electricity to the property in which it is installed an…

geothermal electricity generation-related sales and use. A. Prior to July 1, 2032, receipts from the following sales may be deducted from gross receipts; provided that the sale is made to a person who holds an interest in a geothermal electricity generation facility and the perso…

History: Laws 2009, ch. 99, § 1; repealed by Laws 2009, ch. 99, § 4.

History: Laws 2010, ch. 77, § 1; 2010, ch. 78, § 1; 2011, ch. 115, § 1; repealed by Laws 2023, ch. 85, § 28.

department of defense related to directed energy and satellites. A. Prior to January 1, 2031, receipts from the sale by a qualified contractor of qualified research and development services and qualified directed energy and satellite- related inputs may be deducted from gross rec…

businesses. A. Prior to July 1, 2025, receipts from the sale at retail of the following types of tangible personal property may be deducted if the sales price of the property is less than five hundred dollars ($500) and: (1) the sale occurs during the period beginning at 12:01 a.…

marketplace seller. A. A marketplace seller may deduct receipts for sales, leases and licenses of tangible personal property, sales of licenses and sales of services or licenses for use of real property that are facilitated by a marketplace provider from gross receipts and govern…

History: Laws 2021, ch. 4, § 3; repealed by Laws 2025, ch. 130, § 155.

A. Prior to January 1, 2026, a liquor license holder who held the license on June 30, 2021 may deduct from gross receipts the following receipts, for each dispenser's license for which sales of alcoholic beverages for consumption off premises are less than fifty percent of total …

Exemptions from either the gross receipts tax or the compensating tax are not exemptions from both taxes unless explicitly stated otherwise by law. History: 1978 Comp., § 7-9-12, enacted by Laws 1969, ch. 144, § 5; 1970, ch. 60, § 1; 1972, ch. 61, § 1; 1973, ch. 67, § 1; 1984, ch…

ANNOTATIONS Repeals. — Laws 1990, ch. 41, § 10 repealed 7-9-12.1 NMSA 1978, as enacted by Laws 1984, ch. 2, § 10, relating to findings and intent, effective July 1, 1990. For provisions of former section, see the 1989 NMSA 1978 on NMOneSource.com.

receipts; feminine hygiene products. A. Receipts from the sale of feminine hygiene products may be deducted from gross receipts and governmental gross receipts. B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a man…

compensation recovery. A. A taxpayer who sells legal services to and at the request of a person eligible to receive compensation pursuant to the federal Hermit's Peak/Calf Canyon Fire Assistance Act may claim a tax credit against gross receipts taxes due in an amount equal to the…

A. Except as otherwise provided in this section, exempted from the gross receipts tax are receipts of: (1) the United States or any agency, department or instrumentality thereof; (2) the state of New Mexico or any political subdivision thereof; (3) any Indian nation, tribe or pue…

A. Exempted from the gross receipts tax are the receipts from selling research and development services performed outside New Mexico the product of which is initially used in New Mexico and that are sold: (1) between affiliated corporations; (2) to the United States by persons, o…

subject to certain other taxes. Exempted from the governmental gross receipts tax are receipts from transactions involving tangible personal property or services on which receipts or transactions the gross receipts tax, compensating tax, motor vehicle excise tax, gasoline tax, sp…

receipts tax; stadium surcharge. Exempted from the gross receipts tax and from the governmental gross receipts tax are the receipts from selling tickets, parking, souvenirs, concessions, programs, advertising, merchandise, corporate suites or boxes, broadcast revenues and all oth…

certain bookstores to enrolled students. Exempted from the gross receipts tax are the receipts from the sale of textbooks and other materials that are required for courses at a public post-secondary educational institution if the sale is by a bookstore located on the campus of th…

receipts tax; event center surcharge. Exempted from the gross receipts tax and from the governmental gross receipts tax are the receipts from selling tickets, parking, souvenirs, concessions, programs, advertising, merchandise, corporate suites or boxes, broadcast revenues and al…

Indians. A. Except as otherwise provided in this subsection, there is exempted from the compensating tax the use of property and services by the United States or the state of New Mexico or any governmental unit or subdivision, agency, department or instrumentality thereof. The ex…