Exempted from the gross receipts tax are those receipts of homeowners associations defined in Section 528(c)(1) (A thru D), (2), (3) and (4) (A, B and D) of the Internal Revenue Code, as amended, which are received as membership fees, dues or assessments from members who are owners of residential units, residences or residential lots except for owners of time-share interests, for payment of taxes, insurance, utility expenses, management and improvement, maintenance or rehabilitation of those common areas, elements or facilities appurtenant thereto which are for the sole use of the owners and their guests.
History: 1978 Comp., § 7-9-20, enacted by Laws 1988, ch. 82, § 1.
ANNOTATIONSRepeals. — Laws 1981, ch. 37, § 97 repealed former 7-9-20 NMSA 1978, as enacted by Laws 1969, ch. 144, § 13, relating to exemption of banks and financial institutions from the Gross Receipts Act, effective January 1, 1982.
Cross references. — For Section 528 of the Internal Revenue Code, see 26 U.S.C. § 528.