The purpose of the Gross Receipts and Compensating Tax Act is to provide revenue for public purposes by levying a tax on the privilege of engaging in certain activities within New Mexico and to protect New Mexico businessmen from the unfair competition that would otherwise result from the importation into the state of property without payment of a similar tax.
§ 7-9-2 NMSA 1978
Purpose
Known as the Gross Receipts and Compensating Tax Act
The act spans §§ 7–7 (192 sections).
1953 Comp., § 72-16A-2, enacted by Laws 1966, ch. 47, § 2.
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.