N.M. Admin. Code § 3.2.210.20
Current through Register Vol. 35, No. 23, December 10, 2024
When a person engaged in the construction business leases out or otherwise uses a construction project for which construction services or construction-related services were purchased using a nontaxable transaction certificate (nttc), the compensating tax is due if the project is occupied or leased prior to sale. The value of the construction services or construction-related services to be reported is the actual cost of the construction services purchased using nttcs, and the tax is due at the time of occupancy.
N.M. Admin. Code § 3.2.210.20