Deduction; gross receipts tax; administrative and accounting services
NMSA 1978, § 7-9-69
in effect7-9-69. Deduction; gross receipts tax; administrative and accounting services
A. Receipts of a business entity for administrative, managerial, accounting and customer services performed by it for an affiliate upon a nonprofit or cost basis and receipts of a business entity from an affiliate for the joint use or sharing of office machines and facilities upon a nonprofit or cost basis may be deducted from gross receipts.
B. For the purposes of this section:
(1) "affiliate" means a business entity that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with another business entity;
(2) "business entity" means a corporation, limited liability company, partnership, limited partnership, limited liability partnership or real estate investment trust, but does not mean an individual or a joint venture; and
(3) "control" means equity ownership in a business entity that:
(a) represents at least fifty percent of the total voting power of that business entity; or
(b) has a value equal to at least fifty percent of the total equity of that business entity.
1953 Comp., § 72-16A-14.26, enacted by Laws 1969, ch. 144, § 61; 1990, ch. 43, § 1; 1993, ch. 149, § 1; 1998, ch. 112, § 1; 2002, ch. 21, § 1; 2015, ch. 38, § 1.
Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18507/index.do#!b/7-9-69Fetched: 10/20/2026