2019 New Mexico Statutes
Chapter 7 - Taxation
Article 9 - Gross Receipts and Compensating Tax
Section 7-9-48 - Deduction; gross receipts tax; governmental gross receipts; sale of a service for resale.
Receipts from selling a service for resale may be deducted from gross receipts or from governmental gross receipts if the sale is made to a person who delivers a nontaxable transaction certificate to the seller. The buyer delivering the nontaxable transaction certificate must resell the service in the ordinary course of business and the resale must be subject to the gross receipts tax or governmental gross receipts tax.
History: 1953 Comp., § 72-16A-14.3, enacted by Laws 1969, ch. 144, § 38; 1992, ch. 100, § 6; 2000, ch. 84, § 2.
ANNOTATIONSThe 2000 amendment, effective July 1, 2000, in the second sentence, substituted "resell the service" for "separately state the value of the service purchased in his charge for the service on its subsequent sale, and the subsequent sale must be" and inserted "the resale must be" preceding "subject to the gross receipts tax".
The 1992 amendment, effective July 1, 1992, inserted "governmental gross receipts" in the section catchline; inserted "or from governmental gross receipts" in the first sentence, while adding "to the seller" at the end of that sentence; and added "or governmental gross receipts tax" at the end of the second sentence.
