us-nm/stat
NMSA 1978, § 7-14A-3.1 — Imposition and rate; leased vehicle surcharge
A.
Except as provided in Subsection B of this section, there is imposed a surcharge
on the leasing of a vehicle to another person by a person engaging in business in New
Mexico if the lease is subject to the leased vehicle gross receipts tax. The amount of
this surcharge is two dollars ($2.00) for each day the vehicle is leased by the person.
The surcharge may be referred to as the "leased vehicle surcharge".
B.
The leased vehicle surcharge imposed in Subsection A of this section shall not
apply to the lease of a temporary replacement vehicle if the lessee signs a statement
that the temporary replacement vehicle is to be used as a replacement for another
vehicle that is being repaired, serviced or replaced. For the purposes of this section,
"temporary replacement vehicle" means a vehicle that is:
(1) used by an individual in place of another vehicle that is unavailable for use
by the individual due to loss, damage, mechanical breakdown or need for servicing; and
(2) leased temporarily by or on behalf of the individual or loaned temporarily
to the individual by a vehicle repair facility or dealer while the other vehicle is being
repaired, serviced or replaced.
Source: official text