Receipts from selling the service of combining or processing components or materials may be deducted from gross receipts if the sale is made to a person engaged in the business of manufacturing who delivers a nontaxable transaction certificate to the seller. The buyer delivering the nontaxable transaction certificate must have the service performed directly upon tangible personal property which he is in the business of manufacturing or upon ingredients or component parts thereof.
§ 7-9-75 NMSA 1978
Deduction; gross receipts tax; sale of certain services performed directly on product manufactured
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-14.32, enacted by Laws 1972, ch. 39, § 2.
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.