N.M. Admin. Code § 3.2.205.17
Current through Register Vol. 35, No. 24, December 23, 2024
Section 3.2.205.17 - SALE TO AN ELECTRIC COOPERATIVE ASSOCIATIONA. Receipts from selling tangible personal property to an electric cooperative association which later sells the property to a person engaged in the construction business for incorporation into the construction project are receipts from selling tangible personal property for resale and may be deducted from gross receipts if the electric cooperative association delivers a nontaxable transaction certificate (nttc) to the seller pursuant to Section 7-9-47 NMSA 1978.B. If the electric co-operative association delivering the nttc does not resell the tangible personal property in the ordinary course of business, the compensating tax is due.N.M. Admin. Code § 3.2.205.17
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; 3.2.205.17 NMAC - Rn, 3 NMAC 2.47.17 & A, 5/31/01