us-nm/stat
NMSA 1978, § 7-9-103.1 — Deduction; gross receipts tax; converting electricity
A.
Receipts from the transmission of electricity where voltage source conversion
technology is employed to provide such services and from ancillary services may be
deducted from gross receipts.
B.
A taxpayer allowed a deduction pursuant to this section shall report the amount
of the deduction separately in a manner required by the department. The deduction
shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978,
including the annual aggregate cost of the deduction.
C.
As used in this section, "ancillary services" means services that are supplied
from or in connection with facilities employing voltage source conversion technology
and that are used to support or enhance the efficient and reliable operation of the
electric system.
Source: official text