2019 New Mexico Statutes
Chapter 7 - Taxation
Article 9 - Gross Receipts and Compensating Tax
Section 7-9-30 - Exemption; compensating tax; railroad equipment, aircraft and space vehicles.
A. Exempted from the compensating tax is the use of railroad locomotives, trailers, containers, tenders or cars procured or bought for use in railroad transportation.
B. Exempted from the compensating tax is the use of commercial aircraft bought or leased primarily for use in the transportation of passengers or property for hire in interstate commerce.
C. Exempted from the compensating tax is the use of space vehicles for transportation of persons or property in, to or from space.
History: 1953 Comp., § 72-16A-12.18, enacted by Laws 1969, ch. 144, § 23; 1988, ch. 148, § 1; 2003, ch. 62, § 2.
ANNOTATIONSThe 2003 amendment, effective July 1, 2003, substituted "aircraft and space vehicles" for "and aircraft" in the section heading and added Subsection C.
Applicability of former provision limited. — Former 72-17-4I, 1953 Comp., (now Section 7-9-30A NMSA 1978) exempting certain railroad property from the purview of the former Compensating Tax Act, applied only to railroads engaged in the transportation of persons or property for hire on established lines. Gibbons & Reed Co. v. Bureau of Revenue, 1969-NMSC-096, 80 N.M. 462, 457 P.2d 710.
