2011 New Mexico Statutes
Chapter 7: Taxation
Article 9: Gross Receipts and Compensating Tax, 7-9-1 through 7-9-114
Section 7-9-46: Deduction; gross receipts tax; governmental gross receipts; sales to manufacturers.
7-9-46. Deduction; gross receipts tax; governmental gross receipts; sales to manufacturers.
Receipts from selling tangible personal property may be deducted from gross receipts or from governmental 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 incorporate the tangible personal property as an ingredient or component part of the product that he is in the business of manufacturing.
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