N.M. Admin. Code § 3.2.205.16

Current through Register Vol. 35, No. 23, December 10, 2024

Section 3.2.205.16 - VENDING MACHINES

A. Receipts from selling tangible personal property to the owner or lessee of vending machines, which property will be sold through the vending machines, may be deducted from gross receipts if the owner or lessee delivers a nontaxable transaction certificate (nttc) to the seller pursuant to Section 7-9-47 NMSA 1978.

B. If the owner or lessee delivering the nttc does not resell the tangible personal property in the ordinary course of business, the compensating tax is due.

3/9/72, 11/20/72, 3/20/74, 7/26/76, 6/18/79, 4/7/82, 5/4/84, 4/2/86, 11/26/90, 11/15/96; 3.2.205.16 NMAC - Rn & A, 3 NMAC 2.47.16, 5/31/01