Deduction; gross receipts; governmental gross receipts; hospitals
Known as the Gross Receipts and Compensating Tax Act
The act spans §§ 7–7 (192 sections).
Laws 1991, ch. 8, § 3; 1993, ch. 56, § 1; 1995, ch. 50, § 5; 2019, ch. 270, § 35.
A. Sixty percent of the receipts of hospitals licensed by the department of health may be deducted from gross receipts; provided that this deduction may be applied only to the taxable gross receipts remaining after all other appropriate deductions have been taken.
B. Sixty percent of the receipts of a hospital licensed by the department of health may be deducted from governmental gross receipts.
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.