us-nm/stat
NMSA 1978, § 7-9-50 — Deduction; gross receipts tax; lease for subsequent lease
A.
Except as provided otherwise in Subsection B of this section, receipts from
leasing tangible personal property or licenses may be deducted from gross receipts if
the lease is made to a lessee who delivers a nontaxable transaction certificate to the
lessor or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. The
lessee may not use the tangible personal property or license in any manner other than
for subsequent lease in the ordinary course of business.
B.
The deduction provided by this section does not apply to receipts from leasing:
(1) furniture or appliances, the receipts from the rental or lease of which are
deductible under Subsection C of Section 7-9-53 NMSA 1978;
(2) coin-operated machines; or
(3) manufactured homes.
Source: official text