N.M. Code R. § 3.2.20.11 – Intangibles - Indebtedness

A. Proceeds from the sale of indebtedness by any agency, institution, instrumentality or political subdivision of the state of New Mexico are not receipts from a taxable activity and are not governmental gross receipts.
B. Receipts of any agency, institution, instrumentality or political subdivision of the state of New Mexico from repayment of indebtedness are not receipts from a taxable activity and are not governmental gross receipts.
[6/28/91, 10/2/92, 11/15/96; 3.2.20.11 NMAC - Rn, 3 NMAC 2.100.11, 4/30/01]