Partnertax.ai
Start free trial →

NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-9-79

Credit; compensating tax

Official textnmonesource.comlast amended

# 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.

Amendment history

1953 Comp., § 72-16A-16, enacted by Laws 1966, ch. 47, § 16; 1973, ch. 342, § 1; 1991, ch. 203, § 10; 2021, ch. 65, § 25.

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

Report a problem

What's wrong?

Sent anonymously with this page's citation. No personal information is collected.
In this article (40 sections)
  1. 7-9-68 · Deduction; gross receipts tax; warranty obligations
  2. 7-9-69 · 7-9-69
  3. 7-9-70 · 7-9-70
  4. 7-9-71 · Deduction; gross receipts tax; trade-in allowance
  5. 7-9-72 · Repealed
  6. 7-9-73 · 7-9-73
  7. 7-9-73.1 · 7-9-73.1
  8. 7-9-73.2 · 7-9-73.2
  9. 7-9-73.3 · 7-9-73.3
  10. 7-9-73.4 · 7-9-73.4
  11. 7-9-74 · Repealed
  12. 7-9-75 · 7-9-75
  13. 7-9-76 · 7-9-76
  14. 7-9-76.1 · 7-9-76.1
  15. 7-9-76.2 · Deduction; gross receipts tax; films and tapes
  16. 7-9-77 · Deductions; compensating tax
  17. 7-9-77.1 · 7-9-77.1
  18. 7-9-77.2 · 7-9-77.2
  19. 7-9-78 · 7-9-78
  20. 7-9-78.1 · 7-9-78.1
  21. 7-9-79 · Credit; compensating tax
  22. 7-9-79.1 · Credit; gross receipts tax; services
  23. 7-9-79.2 · Repealed
  24. 7-9-80 · Repealed
  25. 7-9-80.1 · Repealed
  26. 7-9-81 · Repealed
  27. 7-9-82 · Repealed
  28. 7-9-83 · Deduction; gross receipts tax; jet fuel
  29. 7-9-84 · Deduction; compensating tax; jet fuel
  30. 7-9-85 · 7-9-85
  31. 7-9-86 · Repealed
  32. 7-9-87 · Deduction; gross receipts tax; lottery retailer receipts
  33. 7-9-88 · Repealed
  34. 7-9-88.1 · Credit; gross receipts tax; tax paid to certain tribes
  35. 7-9-88.2 · 7-9-88.2
  36. 7-9-89 · 7-9-89
  37. 7-9-90 · 7-9-90
  38. 7-9-91 · 7-9-91
  39. 7-9-92 · Deduction; gross receipts; sale of food at retail food store
  40. 7-9-93 · 7-9-93
Full table of contents →