New Mexico Statutes
§ 7-9-47 — Deduction; gross receipts tax; governmental gross receipts
New Mexico § 7-9-47
This text of New Mexico § 7-9-47 (Deduction; gross receipts tax; governmental gross receipts) 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. § 7-9-47 (2026).
Text
tax; sale of tangible personal property or licenses for resale. Receipts from selling tangible personal property or licenses 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 or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. The buyer must resell the tangible personal property or license either by itself or in combination with other tangible personal property or licenses in the ordinary course of business.
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Legislative History
1953 Comp., § 72-16A-14.2, enacted by Laws 1969, ch. 144, § 37; 1992, ch.
Nearby Sections
15
§ 7-1-1
Short title§ 7-1-11.1
Managed audits§ 7-1-11.2
Required audit notices§ 7-1-12
Identification of taxpayers§ 7-1-13.1
Method of payment of certain taxes due§ 7-1-13.2
Repealed§ 7-1-13.3
Repealed§ 7-1-13.4
Electronic payments; reversalsCite This Page — Counsel Stack
Bluebook (online)
New Mexico § 7-9-47, Counsel Stack Legal Research, https://law.counselstack.com/statute/nm/7/7-9-47.