N.M. Stat. Ann. § 7-9-62.1
History: Laws 2000 (2nd S.S.), ch. 4, § 2; 2005, ch. 104, § 24; 2014, ch. 8, § 1; 2025, ch. 130, § 72.
The 2025 amendment, effective July 1, 2025, revised reporting requirements, and removed certain obsolete language; in Subsection C, after the subsection designation, deleted "The department shall compile an annual report on the deduction provided by this section that shall include the number of taxpayers approved by the department to receive the deduction, the aggregate amount of deductions approved and any other information necessary to evaluate the effectiveness of the deduction. Beginning in 2019 and every five years thereafter that the deduction is in effect, the department shall compile and present the annual reports to the revenue stabilization and tax policy committee and the legislative finance committee" and added "The deduction provided by this section shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978".
The 2014 amendment, effective July 1, 2014, provided a deduction from gross receipts for sales of commercial and military carriers; required taxpayers to separately report the amount of the deduction; required the taxation and revenue department to compile annual reports; in the catchline, after "aircraft" added "sales and", and after "services", added "; reporting requirements"; in Subsection A, after "Receipts", added "from the sale of or"; and added Subsections B and C.
The 2005 amendment, effective July 1, 2005, provided a credit for receipts from maintaining refurbishing, remodeling or otherwise modifying a commercial or military carrier over ten thousand pounds gross landing weight.