NMSA 1978, § 7-9-66.1 — 7-9-66.1

Deduction; gross receipts tax; certain real estate
transactions.

# A.

Receipts from real estate commissions on that portion of the transaction subject
to gross receipts tax pursuant to Subsection A of Section 7-9-53 NMSA 1978 may be
deducted from gross receipts if the person claiming the deduction submits to the
department evidence that the secretary finds substantiates the deduction.

# B.

For the purposes of this section, "commissions on that portion of the transaction
subject to gross receipts tax" means that portion of the commission that bears the same
relationship to the total commission as the amount of the transaction subject to gross
receipts tax does to the total purchase price.