1. A. Except as provided otherwise in Subsection B of this section, receipts from leasing tangible personal property or licenses may be deducted from gross receipts if the lease is made to a lessee who delivers a nontaxable transaction certificate to the lessor or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. The lessee may not use the tangible personal property or license in any manner other than for subsequent lease in the ordinary course of business.

2. B. The deduction provided by this section does not apply to receipts from leasing:

   1. (1) furniture or appliances, the receipts from the rental or lease of which are deductible under Subsection C of Section 7-9-53 NMSA 1978;
   2. (2) coin-operated machines; or
   3. (3) manufactured homes.

History: 1953 Comp., § 72-16A-14.5, enacted by Laws 1969, ch. 144, § 40; 1972, ch. 80, § 2; 1975, ch. 160, § 2; 1979, ch. 338, § 4; 1983, ch. 220, § 10; 1991, ch. 203, § 4; 1992, ch. 39, § 8; 2021, ch. 65, § 17.

ANNOTATIONS

The 2021 amendment, effective July 1, 2021, provided that a taxpayer may provide the taxation and revenue department alternative evidence to claim a gross receipts tax deduction in lieu of providing a non-taxable transaction certificate; and in Subsection A, after "certificate to the lessor", added "or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978", and after "lessee", deleted "delivering the nontaxable transaction certificate".

The 1992 amendment, effective July 1, 1992, in Subsection A, inserted "or licenses" in the first sentence and inserted "or license" in the second sentence.

The 1991 amendment, effective July 1, 1991, designated the formerly undesignated provision as Subsection A; rewrote the first sentence of Subsection A which read "receipts from leasing tangible personal property other than furniture or appliances, the receipts from the rental or lease of which are deductible under Subsection C of Section 7-9-53 NMSA 1978, other than coin-operated machines and other than mobile homes may be deducted from gross receipts if the lease is made to a lessee who delivers a nontaxable transaction certificate to the lessor"; and added Subsection B.