Statutes, codes, and regulations
New Mexico Administrative Code
Title 3 - TAXATIONChapter 2 - GROSS RECEIPTS TAXES
Part 109 - EXEMPTION - GROSS RECEIPTS TAX - VEHICLES
Section 3.2.109.12 - SERVICE CONTRACT SALE PRICE AND TRANSFER FEES ON VEHICLE SALE NOT DEDUCTIBLE AS TAXABLE UNDER MOTOR VEHICLE EXCISE TAX

N.M. Admin. Code § 3.2.109.12

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Current through Register Vol. 35, No. 23, December 10, 2024
Section 3.2.109.12 - SERVICE CONTRACT SALE PRICE AND TRANSFER FEES ON VEHICLE SALE NOT DEDUCTIBLE AS TAXABLE UNDER MOTOR VEHICLE EXCISE TAX

Receipts from the sale of automotive service contracts and from charges for transfer services (document fees) are not covered by the exemption provided by Section 7-9-22 NMSA 1978 and shall not be included in computing the tax paid under Section 7-14-4 NMSA 1978 on the sale of the vehicle since the receipts are not "price paid for the vehicle" as required by Section 7-14-4 NMSA 1978.

N.M. Admin. Code § 3.2.109.12

6/28/89, 11/26/90, 11/15/96; 3.2.109.12 NMAC - Rn, 3 NMAC 2.22.1.12 & A, 3/14/01