Refunds and allowances made to buyers of interstate telecommunications services or amounts written off the books as an uncollectible debt by a person reporting interstate telecommunications gross receipts tax on an accrual basis may be deducted from interstate telecommunications gross receipts. If debts reported as uncollectible are subsequently collected, such receipts shall be included in interstate telecommunications gross receipts in the month of collection.
§ 7-9C-9 NMSA 1978
Deduction; bad debts
Known as the Interstate Telecommunications Gross Receipts Tax Act
The act spans §§ 7–7 (11 sections).
Laws 1992, ch. 50, § 9 and Laws 1992, ch. 67, § 9.
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.