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, special fuel tax, special fuel excise tax, oil and gas emergency school tax, resources tax, processors tax, service tax or the excise tax imposed under Section 66-12-6.1 NMSA 1978 is imposed.
§ 7-9-13.2 NMSA 1978
Exemption; governmental gross receipts tax; receipts subject to certain other taxes
Known as the Gross Receipts and Compensating Tax Act
The act spans §§ 7–7 (192 sections).
Laws 1992, ch. 100, § 3; 1993, ch. 31, § 4.
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.