N.M. Admin. Code § 3.2.301.9
Current through Register Vol. 35, No. 23, December 10, 2024
Section 3.2.301.9 - CREDIT FOR COMPENSATING TAX PAID ON CONSTRUCTION PROJECTSA. A credit, equal to the amount of compensating tax paid to the department on the value of a construction project by a person engaged in the construction business, is allowed against the gross receipts tax due from that person on the receipts from the sale.B. Only the tax paid to the department by the person engaged in the construction business is creditable under Section 7-9-79 NMSA 1978. Penalty and interest assessed by the department on compensating tax not reported and paid on time will not be credited.N.M. Admin. Code § 3.2.301.9
7/26/76, 6/18/79, 4/7/82, 5/4/84, 4/2/86, 11/26/90, 11/15/96; 3.2.301.9 NMAC - Rn, 3 NMAC 2.79.1.9 & A, 6/14/01