Imposition and rate of tax; denomination as "leased vehicle gross receipts tax"
Known as the Leased Vehicle Gross Receipts Tax Act
The act spans §§ 7–7 (12 sections).
Laws 1991, ch. 197, § 7.
A. For the privilege of engaging in business, an excise tax equal to five percent of gross receipts is imposed on any person engaging in business in New Mexico.
B. The tax imposed by this section shall be referred to as the "leased vehicle gross receipts tax".
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.