There is a newer version of the New Mexico Statutes
2014 New Mexico Statutes
Chapter 7 - Taxation
Section 9 Gross Receipts and Compensating Tax
Section 7-9-51 Deduction; gross receipts tax; sale of construction material to persons engaged in the construction business.
NM Stat § 7-9-51 (2014) What's This?
7-9-51. Deduction; gross receipts tax; sale of construction material to persons engaged in the construction business.
A. Receipts from selling construction material may be deducted from gross receipts if the sale is made to a person engaged in the construction business who delivers a nontaxable transaction certificate to the seller.
B. The buyer delivering the nontaxable transaction certificate must incorporate the construction material as:
(1) an ingredient or component part of a construction project that is subject to the gross receipts tax upon its completion or upon the completion of the overall construction project of which it is a part;
(2) an ingredient or component part of a construction project that is subject to the gross receipts tax upon the sale in the ordinary course of business of the real property upon which it was constructed; or
(3) an ingredient or component part of a construction project that is located on the tribal territory of an Indian nation, tribe or pueblo.
History: 1953 Comp., 72-16A-14.6, enacted by Laws 1969, ch. 144, 41; 2000, ch. 84, 3; 2000, ch. 98, 1; 2001, ch. 343, 4.
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