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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-9-78

7-9-78

Official textnmonesource.comlast amended

Deductions; compensating tax; use of tangible personal property for leasing.

# A.

Except as provided otherwise in Subsection B of this section, the value of tangible personal property may be deducted in computing the compensating tax due if the person using the tangible personal property:

# (1)

is engaged in a business which derives a substantial portion of its receipts from leasing or selling tangible personal property of the type leased;

# (2)

does not use the tangible personal property in any manner other than holding it for lease or sale or leasing or selling it either by itself or in combination with other tangible personal property in the ordinary course of business; and

# (3)

does not use the tangible personal property in a manner incidental to the performance of a service.

# B.

The deduction provided by this section shall not apply to the value of:

# (1)

furniture or appliances furnished as part of a leased or rented dwelling house or apartment by the landlord or lessor;

# (2)

coin-operated machines; or

# (3)

manufactured homes.

Amendment history

1953 Comp., § 72-16A-15.1, enacted by Laws 1969, ch. 144, § 65; 1973, ch. 245, § 1; 1975, ch. 160, § 4; 1979, ch. 338, § 8; 1981, ch. 184, § 3; 1984, ch. 2, § 7; 1991, ch. 203, § 9.

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

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In this article (40 sections)
  1. 7-9-66.1 · 7-9-66.1
  2. 7-9-67 · 7-9-67
  3. 7-9-68 · Deduction; gross receipts tax; warranty obligations
  4. 7-9-69 · 7-9-69
  5. 7-9-70 · 7-9-70
  6. 7-9-71 · Deduction; gross receipts tax; trade-in allowance
  7. 7-9-72 · Repealed
  8. 7-9-73 · 7-9-73
  9. 7-9-73.1 · 7-9-73.1
  10. 7-9-73.2 · 7-9-73.2
  11. 7-9-73.3 · 7-9-73.3
  12. 7-9-73.4 · 7-9-73.4
  13. 7-9-74 · Repealed
  14. 7-9-75 · 7-9-75
  15. 7-9-76 · 7-9-76
  16. 7-9-76.1 · 7-9-76.1
  17. 7-9-76.2 · Deduction; gross receipts tax; films and tapes
  18. 7-9-77 · Deductions; compensating tax
  19. 7-9-77.1 · 7-9-77.1
  20. 7-9-77.2 · 7-9-77.2
  21. 7-9-78 · 7-9-78
  22. 7-9-78.1 · 7-9-78.1
  23. 7-9-79 · Credit; compensating tax
  24. 7-9-79.1 · Credit; gross receipts tax; services
  25. 7-9-79.2 · Repealed
  26. 7-9-80 · Repealed
  27. 7-9-80.1 · Repealed
  28. 7-9-81 · Repealed
  29. 7-9-82 · Repealed
  30. 7-9-83 · Deduction; gross receipts tax; jet fuel
  31. 7-9-84 · Deduction; compensating tax; jet fuel
  32. 7-9-85 · 7-9-85
  33. 7-9-86 · Repealed
  34. 7-9-87 · Deduction; gross receipts tax; lottery retailer receipts
  35. 7-9-88 · Repealed
  36. 7-9-88.1 · Credit; gross receipts tax; tax paid to certain tribes
  37. 7-9-88.2 · 7-9-88.2
  38. 7-9-89 · 7-9-89
  39. 7-9-90 · 7-9-90
  40. 7-9-91 · 7-9-91
Full table of contents →