us-nm/stat
NMSA 1978, § 7-9-79 — Credit; compensating tax
A.
If, on property or services bought outside this state, a gross receipts, sales,
compensating or similar tax has been levied by another state or political subdivision
thereof on the transaction by which the person using the property or services in New
Mexico acquired the property or a compensating, use or similar tax has been levied by
another state on the use of the property subsequent to its acquisition by the person
using the property or services in New Mexico and such tax has been paid, the amount
of such tax paid may be credited against any compensating tax due this state on the
same property. The credit allowed pursuant to this subsection shall not exceed the
compensating tax due on the property or services used in New Mexico.
B.
When the receipts from the sale of real property constructed by a person in the
ordinary course of the person's construction business are subject to the gross receipts
tax, the amount of compensating tax previously paid by the person on materials that
became an ingredient or component part of the construction project and on construction
services performed upon the construction project may be credited against the gross
receipts tax due on the sale.
Source: official text