Exempted from the gross receipts tax are the receipts from the sale of or leasing of oil, natural gas or mineral interests.
§ 7-9-32 NMSA 1978
Exemption; gross receipts tax; oil and gas or mineral interests
Known as the Gross Receipts and Compensating Tax Act
The act spans §§ 7–7 (192 sections).
1953 Comp., § 72-16A-12.20, enacted by Laws 1969, ch. 144, § 25.
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.