Exemptions from either the gross receipts tax or the compensating tax are not exemptions from both taxes unless explicitly stated otherwise by law.
§ 7-9-12 NMSA 1978
Exemptions
Known as the Gross Receipts and Compensating Tax Act
The act spans §§ 7–7 (192 sections).
Applied in 2 court decisions — leading case Electric Power Research Institute, Inc. v. City & County of Denver (1987)
Most recently applied in Elec. Power Res. v. CITY & CTY. OF DENVER (May 1987)
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. 2, § 2; 2017 (1st S.S.), ch. 3, § 14.
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.