Exemption; gross receipts tax; livestock feeding
Known as the Gross Receipts and Compensating Tax Act
The act spans §§ 7–7 (192 sections).
1953 Comp., § 72-16A-12.7, enacted by Laws 1969, ch. 144, § 12; 1974, ch. 19, § 1; 1991, ch. 9, § 28; 1992, ch. 48, § 2.
A. Exempted from the gross receipts tax are the receipts of any person derived from feeding or pasturing livestock.
B. Receipts derived from penning or handling livestock prior to sale are receipts derived from feeding livestock for the purposes of this section.
C. Receipts derived from training livestock are receipts derived from feeding livestock for the purposes of this section.
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.