N.M. Admin. Code § 3.2.300.8
Current through Register Vol. 35, No. 23, December 10, 2024
Section 3.2.300.8 - CREDIT FOR TAX PAID TO ANOTHER STATE ON SERVICES The credit allowed pursuant to the provisions of Section 7-9-79.1 NMSA 1978 shall not exceed the lesser of:
A. the actual amount of tax paid to the other state, paid to any political subdivision of the other state or the combined total paid to the other state and political subdivisions of that state; orB. the amount determined by multiplying the total consideration received from the sale of the service exclusive of the amount of tax paid to the other state and any political subdivision of that state times the rate of gross receipts tax imposed under Section 7-9-4 NMSA 1978.N.M. Admin. Code § 3.2.300.8
10/24/89, 11/26/90, 11/15/96; 3.2.300.8 NMAC - Rn, 3 NMAC 2.79.2.8 & A, 6/14/01, Adopted by New Mexico Register, Volume XXXII, Issue 19, October 13, 2021, eff. 10/13/2021