2019 New Mexico Statutes
Chapter 7 - Taxation
Article 9 - Gross Receipts and Compensating Tax
Section 7-9-28 - Exemption; gross receipts tax; occasional sale of property or services.
Exempted from the gross receipts tax are the receipts from the isolated or occasional sale of or leasing of property or a service by a person who is neither regularly engaged nor holding himself out as engaged in the business of selling or leasing the same or similar property or service.
History: 1953 Comp., § 72-16A-12.16, enacted by Laws 1969, ch. 144, § 21.
ANNOTATIONSEffective dates. — Laws 1969, ch. 144, § 68 made Laws 1969, ch. 144, § 21 effective July 1, 1969.
Oil company's receipts from coal dragline leases not exempt. — Although oil company had not "historically" engaged in the business of leasing draglines, where it had clearly entered that business with a large investment and a long-term commitment of resources, had established 20-year terms for the leases, resulting in a fixed amount of income over a long period of time, these transactions were not occasional and were accordingly not tax exempt. Kewanee Indus., Inc. v. Reese, 1993-NMSC-006, 114 N.M. 784, 845 P.2d 1238.
Law reviews. — For article, "The Deductibility for Federal Income Tax Purposes of the New Mexico Gross Receipts Tax Paid on the Purchase of a Newly Constructed Home," see 13 N.M.L. Rev. 625 (1983).
Am. Jur. 2d, A.L.R. and C.J.S. references. — Casual or isolated sales: exemption of casual, isolated or occasional sales under sales and use taxes, 42 A.L.R.3d 292.
