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·Ch. 7 Taxation·Art. 9 Gross Receipts and Compensating Tax

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.

New Mexico § 7-9-51 (Deduction; gross receipts tax; sale of construction material) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.