New Mexico § 7-9-51 Deduction; gross receipts tax; sale of construction material

New Mexico Statutes

§ 7-9-51 — Deduction; gross receipts tax; sale of construction material

New Mexico § 7-9-51

Ch. 7Taxation

Art. 9Gross Receipts and Compensating Tax

This text of New Mexico § 7-9-51 (Deduction; gross receipts tax; sale of construction material) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 7-9-51 (2026).

Text

to persons engaged in the construction business. A. Receipts from selling construction material may be deducted from gross receipts if the sale is made to a person engaged in the construction business who delivers a nontaxable transaction certificate to the seller or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. B. The buyer must incorporate the construction material as:

(1)an ingredient or component part of a construction project that is subject to the gross receipts tax upon its completion or upon the completion of the overall construction project of which it is a part;

(2)an ingredient or component part of a construction project that is subject to the gross receipts tax upon the sale in the ordinary course of business of the real property upon which it was constr

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to persons engaged in the construction business. A. Receipts from selling construction material may be deducted from gross receipts if the sale is made to a person engaged in the construction business who delivers a nontaxable transaction certificate to the seller or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. B. The buyer must incorporate the construction material as: (1) an ingredient or component part of a construction project that is subject to the gross receipts tax upon its completion or upon the completion of the overall construction project of which it is a part; (2) an ingredient or component part of a construction project that is subject to the gross receipts tax upon the sale in the ordinary course of business of the real property upon which it was constructed; or (3) an ingredient or component part of a construction project that is located on the tribal territory of an Indian nation, tribe or pueblo.