Exempted from the gross receipts tax are the receipts from the isolated or occasional sale of or leasing of property or a service by a person who is neither regularly engaged nor holding himself out as engaged in the business of selling or leasing the same or similar property or service.
§ 7-9-28 NMSA 1978
Exemption; gross receipts tax; occasional sale of property or services
Known as the Gross Receipts and Compensating Tax Act
The act spans §§ 7-9-1 to 7-9-99 (192 sections).
1953 Comp., § 72-16A-12.16, enacted by Laws 1969, ch. 144, § 21.
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.