2017 New Mexico Statutes
Chapter 7 - Taxation
Article 9 - Gross Receipts and Compensating Tax
Section 7-9-69 - Deduction; gross receipts tax; administrative and accounting services.
7-9-69. Deduction; gross receipts tax; administrative and accounting services.
A. Receipts of a business entity for administrative, managerial, accounting and customer services performed by it for an affiliate upon a nonprofit or cost basis and receipts of a business entity from an affiliate for the joint use or sharing of office machines and facilities upon a nonprofit or cost basis may be deducted from gross receipts.
B. For the purposes of this section:
(1) "affiliate" means a business entity that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with another business entity;
(2) "business entity" means a corporation, limited liability company, partnership, limited partnership, limited liability partnership or real estate investment trust, but does not mean an individual or a joint venture; and
(3) "control" means equity ownership in a business entity that:
(a) represents at least fifty percent of the total voting power of that business entity; or
(b) has a value equal to at least fifty percent of the total equity of that business entity.
History: 1953 Comp., 72-16A-14.26, enacted by Laws 1969, ch. 144, 61; 1990, ch. 43, 1; 1993, ch. 149, 1; 1998, ch. 112, 1; 2002, ch. 21, 1; 2015, ch. 38, 1.
