Section 7-9-52 - Deduction; gross receipts tax; sale of construction services to persons engaged in the construction business. - New Mexico Statutes

7-9-52. Deduction; gross receipts tax; sale of construction services to persons engaged in the construction business.

A.     Receipts from selling a construction service 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 person performing the construction service.   

B.     The buyer delivering the nontaxable transaction certificate must have the construction services performed upon:   

(1)     a construction project which 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)     a construction project which 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)     a construction project that is located on the tribal territory of an Indian nation, tribe or pueblo.