N.M. Admin. Code § 3.2.110.9
Current through Register Vol. 35, No. 23, December 10, 2024
Because the sale of commercial paper in itself is not subject to the gross receipts tax and because receipts from underlying transactions are exempt under Section 7-9-22.1 NMSA 1978, receipts from the sale of financing agreements to a bank or a financial corporation with respect to the sale of a boat subject to taxation under Section 66-12-6.1 NMSA 1978 are also exempt.
N.M. Admin. Code § 3.2.110.9