N.M. Admin. Code § 3.2.109.10
Current through Register Vol. 35, No. 24, December 23, 2024
The receipts of automobile dealers who sell automobiles and other vehicles subject to registration pursuant to Section 66-3-1 NMSA 1978 which are derived from the sale of financing agreements on such automobiles and vehicles to a bank or financial corporation are not subject to the gross receipts tax because the underlying transaction is exempted from that tax pursuant to Section 7-9-22 NMSA 1978 and the sale of commercial paper, an intangible, is not subject to the gross receipts tax.
N.M. Admin. Code § 3.2.109.10