NMSA 1978, § 7-14A-3 — 7-14A-3

Imposition and rate of tax; denomination as "leased
vehicle gross receipts tax".

# A.

For the privilege of engaging in business, an excise tax equal to five percent of
gross receipts is imposed on any person engaging in business in New Mexico.

# B.

The tax imposed by this section shall be referred to as the "leased vehicle gross
receipts tax".