New Mexico § 7-9-56.3 Deduction; gross receipts; trade-support company in a

New Mexico Statutes

§ 7-9-56.3 — Deduction; gross receipts; trade-support company in a

New Mexico § 7-9-56.3

Ch. 7Taxation

Art. 9Gross Receipts and Compensating Tax

This text of New Mexico § 7-9-56.3 (Deduction; gross receipts; trade-support company in a) 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. § 7-9-56.3 (2026).

Text

border zone. A. The receipts of a trade-support company may be deducted from gross receipts if:

(1)the trade-support company first locates in New Mexico within twenty miles of a port of entry on New Mexico's border with Mexico on or after January 1, 2016 but before January 1, 2021;

(2)the receipts are received by the company within a five-year period beginning on the date the trade-support company locates in New Mexico and the receipts are derived from its business activities and operations at its border zone location; and (3) the trade-support company employs at least two employees in New Mexico. B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department. C. The deduction provided by this section

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border zone. A. The receipts of a trade-support company may be deducted from gross receipts if: (1) the trade-support company first locates in New Mexico within twenty miles of a port of entry on New Mexico's border with Mexico on or after January 1, 2016 but before January 1, 2021; (2) the receipts are received by the company within a five-year period beginning on the date the trade-support company locates in New Mexico and the receipts are derived from its business activities and operations at its border zone location; and (3) the trade-support company employs at least two employees in New Mexico. B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department. C. The deduction provided by this section shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978 with an analysis of the effectiveness and cost of the deduction. D. As used in this section: (1) "dependent" means "dependent" as defined in 26 U.S.C. 152(a), as that section may be amended or renumbered; (2) "employee" means an individual, other than an individual who: (a) is a dependent of the employer; (b) if the employer is an estate or trust, is a grantor, beneficiary or fiduciary of the estate or trust or is a dependent of a grantor, beneficiary or fiduciary of the estate or trust; (c) if the employer is a corporation, is a dependent of an individual who owns, directly or indirectly, more than fifty percent in value of the outstanding stock of the corporation; or (d) if the employer is an entity other than a corporation, estate or trust, is a dependent of an individual who owns, directly or indirectly, more than fifty percent of the capital and profits interests in the entity; (3) "port of entry" means an international port of entry in New Mexico at which customs services are provided by United States customs and border protection; and (4) "trade-support company" means a customs brokerage firm or a freight forwarder.