New Mexico Statutes Chapter 7. Taxation § 7-9-62.1. Deduction; gross receipts tax; aircraft sales and services; reporting requirements

Current as of January 01, 2024 | Updated by Findlaw Staff

A. Receipts from the sale of or from maintaining, refurbishing, remodeling or otherwise modifying a commercial or military carrier over ten thousand pounds gross landing weight may be deducted from 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.

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.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-9-62.1. Deduction; gross receipts tax; aircraft sales and services; reporting requirements - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-9-62-1/

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