NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-14-7
Credit against tax
# A.
If a vehicle has been acquired through an out-of-state transaction upon which a gross receipts, sales, compensating or similar tax was levied by another state or political subdivision thereof, the amount of the tax paid may be credited against the tax due this state on the same vehicle.
# B.
If a vehicle has been acquired through a transaction on reservation or trust land within an Indian nation, tribe or pueblo, located wholly or partly in New Mexico, upon which a gross receipts, sales, compensating or similar tax was levied by the Indian nation, tribe or pueblo, the amount of the tax paid may be credited against the tax due this state on the same vehicle.
Amendment history
1978 Comp., § 7-14-7, enacted by Laws 1988, ch. 73, § 17; 2022, ch. 48, § 1.
Source: official source (NMSA chapter on nmonesource.com)
In this article (14 sections)
- 7-14-1 · Short title
- 7-14-2 · Definitions
- 7-14-3 · Imposition of motor vehicle excise tax
- 7-14-4 · Determination of amount of motor vehicle excise tax
- 7-14-5 · Time of payment of tax
- 7-14-6 · Exemptions from tax
- 7-14-7 · Credit against tax
- 7-14-7.1 · 7-14-7.1
- 7-14-8 · Imposition of penalty for failure to make timely application
- 7-14-9 · Refunds; procedures
- 7-14-9.1 · Protests
- 7-14-9.2 · Penalties for failure to submit report or to pay; interest
- 7-14-10 · Distribution of proceeds
- 7-14-11 · Administration by department; authority of department