N.M. Admin. Code § 3.2.242.15

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

Section 3.2.242.15 - RECEIPTS THAT ARE NOT DEDUCTIBLE

Receipts from the following transactions are not deductible under Section 7-9-95 NMSA 1978:

A. Receipts from performing services on tangible personal property that are deductible under Section 7-9-95 NMSA 1978, such as the alteration or repair of clothing.

B. Receipts from leasing or renting tangible personal property. In order for the deduction under Section 7-9-95 NMSA 1978 to apply the qualified items must be sold at retail.

N.M. Admin. Code § 3.2.242.15

3.2.242.15 NMAC - N, 8/15/05; A, 7/31/12