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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-9-50

Deduction; gross receipts tax; lease for subsequent lease

Official textnmonesource.comlast amended

# 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.

Amendment history

1953 Comp., § 72-16A-14.5, enacted by Laws 1969, ch. 144, § 40; 1972, ch. 80, § 2; 1975, ch. 160, § 2; 1979, ch. 338, § 4; 1983, ch. 220, § 10; 1991, ch. 203, § 4; 1992, ch. 39, § 8; 2021, ch. 65, § 17.

Source: official source (NMSA chapter on nmonesource.com)

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In this article (40 sections)
  1. 7-9-38.2 · 7-9-38.2
  2. 7-9-39 · 7-9-39
  3. 7-9-40 · 7-9-40
  4. 7-9-41 · Exemption; gross receipts tax; religious activities
  5. 7-9-41.1 · 7-9-41.1
  6. 7-9-41.2 · Deleted
  7. 7-9-41.3 · 7-9-41.3
  8. 7-9-41.4 · 7-9-41.4
  9. 7-9-41.5 · 7-9-41.5
  10. 7-9-41.6 · 7-9-41.6
  11. 7-9-42 · Repealed
  12. 7-9-43 · 7-9-43
  13. 7-9-43.1 · 7-9-43.1
  14. 7-9-44 · Repealed
  15. 7-9-45 · Deductions
  16. 7-9-46 · 7-9-46
  17. 7-9-46.1 · 7-9-46.1
  18. 7-9-47 · 7-9-47
  19. 7-9-48 · 7-9-48
  20. 7-9-49 · 7-9-49
  21. 7-9-50 · Deduction; gross receipts tax; lease for subsequent lease
  22. 7-9-51 · 7-9-51
  23. 7-9-51.1 · Repealed
  24. 7-9-51.2 · 7-9-51.2
  25. 7-9-52 · 7-9-52
  26. 7-9-52.1 · 7-9-52.1
  27. 7-9-53 · 7-9-53
  28. 7-9-54 · 7-9-54
  29. 7-9-54.1 · 7-9-54.1
  30. 7-9-54.2 · 7-9-54.2
  31. 7-9-54.3 · 7-9-54.3
  32. 7-9-54.4 · Deduction; compensating tax; space-related test articles
  33. 7-9-54.5 · Deduction; compensating tax; test articles
  34. 7-9-55 · 7-9-55
  35. 7-9-56 · 7-9-56
  36. 7-9-56.1 · Deduction; gross receipts tax; internet services
  37. 7-9-56.2 · 7-9-56.2
  38. 7-9-56.3 · 7-9-56.3
  39. 7-9-57 · 7-9-57
  40. 7-9-57.1 · Repealed
Full table of contents →