Receipts from the sale of property or services purchased by or on behalf of the state from funds obtained from the forfeiture of financial assurance pursuant to the New Mexico Mining Act [Chapter 69, Article 36 NMSA 1978] or the forfeiture of financial responsibility pursuant to the Water Quality Act [Chapter 74, Article 6 NMSA 1978] may be deducted from gross receipts.
§ 7-9-97 NMSA 1978
Deduction; gross receipts tax; receipts from certain purchases by or on behalf of the state
Known as the Gross Receipts and Compensating Tax Act
The act spans §§ 7-9-1–7-9-99 (192 sections).
Laws 2005, ch. 169, § 1.
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.