N.M. Admin. Code § 3.2.110.8
Current through Register Vol. 35, No. 23, December 10, 2024
Section 3.2.110.8 - ADDITIONAL EQUIPMENTA. Receipts from the sale of boat accessories, optional equipment and the like, whether sold separately or mounted on the boat, are not subject to this exemption except where such equipment is included in and is part of the sale of a boat and the value is included in computing the tax paid under Section 66-12-6.1 NMSA 1978 on the sale of a boat, as that term is defined in Section 66-12-3 NMSA 1978.B. Example: M buys a boat from A Marina. Three days after M has purchased the boat M buys a canopy attachment for the boat from A. The value of the canopy attachment was not included in computing the tax imposed by Section 66-12-6.1 NMSA 1978 on the boat. A's receipts from the sale of the canopy are subject to the gross receipts tax.C. Section 3.2.110.8 NMAC applies to transactions on or after July 1, 1987.N.M. Admin. Code § 3.2.110.8
12/17/87, 11/26/90, 11/15/96; 3.2.110.8 NMAC - Rn, 3 NMAC 2.22.2.8 & A, 5/15/01