New Mexico § 7-9-73.2 Deduction; gross receipts tax and governmental gross

New Mexico Statutes

§ 7-9-73.2 — Deduction; gross receipts tax and governmental gross

New Mexico § 7-9-73.2

Ch. 7Taxation

Art. 9Gross Receipts and Compensating Tax

This text of New Mexico § 7-9-73.2 (Deduction; gross receipts tax and governmental gross) 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. § 7-9-73.2 (2026).

Text

receipts tax; prescription drugs; oxygen; cannabis.

A.Receipts from the sale of prescription drugs and oxygen and oxygen services provided by a licensed medicare durable medical equipment provider and cannabis products that are sold in accordance with the Lynn and Erin Compassionate Use Act [Chapter 26, Article 2B NMSA 1978] and psilocybin products and medical care that are sold in accordance with the Medical Psilocybin Act [26-2D-1 to 26-2D-11 NMSA 1978] may be deducted from gross receipts and governmental gross receipts.

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. The deduction shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the annua

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receipts tax; prescription drugs; oxygen; cannabis. A. Receipts from the sale of prescription drugs and oxygen and oxygen services provided by a licensed medicare durable medical equipment provider and cannabis products that are sold in accordance with the Lynn and Erin Compassionate Use Act [Chapter 26, Article 2B NMSA 1978] and psilocybin products and medical care that are sold in accordance with the Medical Psilocybin Act [26-2D-1 to 26-2D-11 NMSA 1978] may be deducted from gross receipts and governmental gross receipts. 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. The deduction shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the annual aggregate cost of the deduction. C. For the purposes of this section, "prescription drugs" means insulin and substances that are: (1) dispensed by or under the supervision of a licensed pharmacist or by a physician or other person authorized under state law to do so; (2) prescribed for a specified person by a person authorized under state law to prescribe the substance; and (3) subject to the restrictions on sale contained in Subparagraph 1 of Subsection (b) of 21 USCA 353.