2015 New Mexico Statutes
Chapter 7 - Taxation
Section 9 Gross Receipts and Compensating Tax
Section 7-9-45 Deductions.
7-9-45. Deductions.
A. In computing the gross receipts tax or governmental gross receipts tax due, only those receipts specified in Sections 7-9-46 through 7-9-76.2, 7-9-77.1, 7-9-83, 7-9-85 through 7-9-87 and 7-9-89 NMSA 1978 may be deducted. Receipts, whether specified once or several times in those sections, may be deducted only once from gross receipts or governmental gross receipts.
B. Receipts that are exempted from the gross receipts tax may not be deducted from gross receipts. Receipts that are deducted from gross receipts may not be exempted from the gross receipts tax.
C. Receipts that are exempted from the governmental gross receipts tax shall not be deducted from governmental gross receipts. Receipts that are deducted from governmental gross receipts shall not be exempted from the governmental gross receipts tax.
History: 1978 Comp., 7-9-45, enacted by Laws 1969, ch. 144, 35; 1970, ch. 77, 1; 1970, ch. 78, 1; 1971, ch. 217, 1; 1972, ch. 39, 1; 1977, ch. 288, 1; 1979, ch. 338, 2; 1984, ch. 129, 1; 1989, ch. 262, 5; 1994, ch. 45, 3; 1995, ch. 70, 5; 1999, ch. 231, 2.
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