New Mexico § 7-9-40 Exemption; gross receipts tax; purses and jockey

New Mexico Statutes

§ 7-9-40 — Exemption; gross receipts tax; purses and jockey

New Mexico § 7-9-40

Ch. 7Taxation

Art. 9Gross Receipts and Compensating Tax

This text of New Mexico § 7-9-40 (Exemption; gross receipts tax; purses and jockey) 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. § 7-9-40 (2026).

Text

remuneration at New Mexico racetracks; receipts from gross amounts wagered.

A.Exempted from the gross receipts tax are the receipts of horsemen, jockeys and trainers from race purses at New Mexico horse racetracks subject to the jurisdiction of the state racing commission.

B.Exempted from the gross receipts tax are the receipts of a racetrack from the commissions and other amounts authorized by Section 60-1-10 NMSA 1978 [repealed] to be retained by a racetrack conducting horse races under the authority of a license from the state racing commission.

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remuneration at New Mexico racetracks; receipts from gross amounts wagered. A. Exempted from the gross receipts tax are the receipts of horsemen, jockeys and trainers from race purses at New Mexico horse racetracks subject to the jurisdiction of the state racing commission. B. Exempted from the gross receipts tax are the receipts of a racetrack from the commissions and other amounts authorized by Section 60-1-10 NMSA 1978 [repealed] to be retained by a racetrack conducting horse races under the authority of a license from the state racing commission.