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New Mexico Statutes Chapter 7. Taxation § 7-9-73.2. Deduction; gross receipts tax and governmental gross receipts tax; prescription drugs; oxygen; cannabis

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

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 may be deducted from gross receipts and governmental gross receipts.

B. 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.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-9-73.2. Deduction; gross receipts tax and governmental gross receipts tax; prescription drugs; oxygen; cannabis - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-9-73-2/

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