Section 7-9-73.2 - Deduction; gross receipts tax and governmental gross receipts tax; prescription drugs; oxygen. - New Mexico Statutes

7-9-73.2. Deduction; gross receipts tax and governmental gross receipts tax; prescription drugs; oxygen.

A.     Receipts from the sale of prescription drugs and oxygen and oxygen services provided by a licensed medicare durable medical equipment provider may be deducted from gross receipts and governmental gross receipts.

B.     For the purposes of this section, "prescription drugs" means insulin and substances that are:

(1)     dispensed by or under the supervision of a licensed pharmacist or by a physician or other person authorized under state law to do so; 

(2)     prescribed for a specified person by a person authorized under state law to prescribe the substance; and 

(3)     subject to the restrictions on sale contained in Subparagraph 1 of Subsection (b) of 21 USCA 353.