NMSA 1978, § 7-9-73.2 — 7-9-73.2

Deduction; gross receipts tax and governmental gross
receipts tax; prescription drugs; oxygen; cannabis.

# A.

Receipts from the sale of prescription drugs and oxygen and oxygen services
provided by a licensed medicare durable medical equipment provider and cannabis
products that are sold in accordance with the Lynn and Erin Compassionate Use Act
[Chapter 26, Article 2B NMSA 1978] and psilocybin products and medical care that are
sold in accordance with the Medical Psilocybin Act [26-2D-1 to 26-2D-11 NMSA 1978]
may be deducted from gross receipts and governmental 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.

For the purposes of this section, "prescription drugs" means insulin and
substances that are:
(1) dispensed by or under the supervision of a licensed pharmacist or by a
physician or other person authorized under state law to do so;
(2) prescribed for a specified person by a person authorized under state law
to prescribe the substance; and
(3) subject to the restrictions on sale contained in Subparagraph 1 of
Subsection (b) of 21 USCA 353.