Deduction; gross receipts tax; sale of construction material to persons engaged in the construction business
NMSA 1978, § 7-9-51
in effect7-9-51. Deduction; gross receipts tax; sale of construction material to persons engaged in the construction business
A. Receipts from selling construction material may be deducted from gross receipts if the sale is made to a person engaged in the construction business who delivers a nontaxable transaction certificate to the seller or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978.
B. The buyer must incorporate the construction material as:
(1) an ingredient or component part of a construction project that is subject to the gross receipts tax upon its completion or upon the completion of the overall construction project of which it is a part;
(2) an ingredient or component part of a construction project that is subject to the gross receipts tax upon the sale in the ordinary course of business of the real property upon which it was constructed; or
(3) an ingredient or component part of a construction project that is located on the tribal territory of an Indian nation, tribe or pueblo.
1953 Comp., § 72-16A-14.6, enacted by Laws 1969, ch. 144, § 41; 2000, ch. 84, § 3; 2000, ch. 98, § 1; 2001, ch. 343, § 4; 2021, ch. 65, § 18.
Source: New Mexico Compilation Commission (nmonesource.com)URL: https://nmonesource.com/nmos/nmsa-unanno/en/item/18507/index.do#!b/7-9-51Fetched: 10/20/2026