New Mexico § 7-9-54.1 Deduction; gross receipts from sale of aerospace services

New Mexico Statutes

§ 7-9-54.1 — Deduction; gross receipts from sale of aerospace services

New Mexico § 7-9-54.1

Ch. 7Taxation

Art. 9Gross Receipts and Compensating Tax

This text of New Mexico § 7-9-54.1 (Deduction; gross receipts from sale of aerospace services) 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. § 7-9-54.1 (2026).

Text

to certain organizations. A. Receipts from performing or selling an aerospace service for resale may be deducted from gross receipts if the sale is made to a buyer who delivers a nontaxable transaction certificate or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. The buyer shall separately state the value of the aerospace service purchased in the buyer's charge for the aerospace service on its subsequent sale to an organization or, if the buyer is an organization, on the organization's subsequent sale to the United States, and the subsequent sale shall be in the ordinary course of business of selling aerospace services to an organization or to the United States. B. As used in this section:

(1)"aerospace services" means research and development services sold to or for

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to certain organizations. A. Receipts from performing or selling an aerospace service for resale may be deducted from gross receipts if the sale is made to a buyer who delivers a nontaxable transaction certificate or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. The buyer shall separately state the value of the aerospace service purchased in the buyer's charge for the aerospace service on its subsequent sale to an organization or, if the buyer is an organization, on the organization's subsequent sale to the United States, and the subsequent sale shall be in the ordinary course of business of selling aerospace services to an organization or to the United States. B. As used in this section: (1) "aerospace services" means research and development services sold to or for resale to an organization for resale by the organization to the United States air force; and (2) "organization" means an organization described in Subsection A of Section 7-9-29 NMSA 1978 other than a prime contractor operating facilities in New Mexico designated as a national laboratory by act of congress.