New Mexico Statutes Chapter 7. Taxation § 7-9-66.1. Deduction; gross receipts tax; certain real estate transactions

A. Receipts from real estate commissions on that portion of the transaction subject to gross receipts tax pursuant to Subsection A of Section 7-9-53 NMSA 1978 may be deducted from gross receipts if the person claiming the deduction submits to the department evidence that the secretary finds substantiates the deduction.

B. For the purposes of this section, “commissions on that portion of the transaction subject to gross receipts tax” means that portion of the commission that bears the same relationship to the total commission as the amount of the transaction subject to gross receipts tax does to the total purchase price.