New Mexico § 7-9-52.1 Deduction; gross receipts tax; lease of construction

New Mexico Statutes

§ 7-9-52.1 — Deduction; gross receipts tax; lease of construction

New Mexico § 7-9-52.1

Ch. 7Taxation

Art. 9Gross Receipts and Compensating Tax

This text of New Mexico § 7-9-52.1 (Deduction; gross receipts tax; lease of construction) 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. § 7-9-52.1 (2026).

Text

equipment to persons engaged in the construction business. A. Receipts from leasing construction equipment may be deducted from gross receipts if the construction equipment is leased to a person engaged in the construction business who delivers a nontaxable transaction certificate to the person leasing the construction equipment or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. B. The lessee shall only use the construction equipment at the construction location of:

(1)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)a construction project that is subject to the gross receipts tax upon the sale in the ordinary course of business of the real property

Free access — add to your briefcase to read the full text and ask questions with AI

equipment to persons engaged in the construction business. A. Receipts from leasing construction equipment may be deducted from gross receipts if the construction equipment is leased to a person engaged in the construction business who delivers a nontaxable transaction certificate to the person leasing the construction equipment or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. B. The lessee shall only use the construction equipment at the construction location of: (1) 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) 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) a construction project that is located on the tribal territory of an Indian nation, tribe or pueblo. C. As used in this section, "construction equipment" means equipment used on a construction project, including trash containers, portable toilets, scaffolding and temporary fencing.