Receipts from selling a service for resale may be deducted from gross receipts or from governmental gross receipts if the sale is made to a person who delivers a nontaxable transaction certificate to the seller or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. The buyer must resell the service in the ordinary course of business and the resale must be subject to the gross receipts tax or governmental gross receipts tax.
§ 7-9-48 NMSA 1978
Deduction; gross receipts tax; governmental gross receipts; sale of a service for resale
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-14.3, enacted by Laws 1969, ch. 144, § 38; 1992, ch. 100, § 6; 2000, ch. 84, § 2; 2021, ch. 65, § 15.
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.