2011 New Mexico Statutes
Chapter 7: Taxation
Article 9: Gross Receipts and Compensating Tax, 7-9-1 through 7-9-114
Section 7-9-2: Purpose.
7-9-20. Exemption; gross receipts tax; certain receipts of homeowners associations.
Exempted from the gross receipts tax are those receipts of homeowners associations defined in Section 528(c)(1) (A thru D), (2), (3) and (4) (A, B and D) of the Internal Revenue Code, as amended, which are received as membership fees, dues or assessments from members who are owners of residential units, residences or residential lots except for owners of time-share interests, for payment of taxes, insurance, utility expenses, management and improvement, maintenance or rehabilitation of those common areas, elements or facilities appurtenant thereto which are for the sole use of the owners and their guests.
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