For the privilege of engaging in certain activities by governments, there is imposed on every agency, institution, instrumentality or political subdivision of the state, except any school district and an entity licensed by the department of health, other than a hospital, that is principally engaged in providing health care services, an excise tax of five percent of governmental gross receipts. The tax imposed by this section shall be referred to as the "governmental gross receipts tax".
§ 7-9-4.3 NMSA 1978
Imposition and rate of tax; denomination as "governmental gross receipts tax"
Known as the Gross Receipts and Compensating Tax Act
The act spans §§ 7–7 (192 sections).
1978 Comps., § 7-9-4.1, enacted by Laws 1991, ch. 8, § 2; 1992, ch. 49, § 1; 1992, ch. 100, § 2; 1993, ch. 332, § 1; 1993, ch. 352, § 1; 2019, ch. 270, § 27.
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.