Exempted from the gross receipts tax are the receipts from selling vehicles on which a tax is imposed by the Motor Vehicle Excise Tax Act [Chapter 7, Article 14 NMSA 1978], vehicles subject to registration under Section 66-3-16 NMSA 1978 and vehicles exempt from the motor vehicle excise tax pursuant to Subsection F of Section 7-14-6 NMSA 1978.
History: 1953 Comp., § 72-16A-12.10, enacted by Laws 1969, ch. 144, § 15; 1976 (S.S.), ch. 36, § 2; 1981, ch. 184, § 2; 1988, ch. 73, § 8; 2004, ch. 66, § 1.
ANNOTATIONSThe 2004 amendments, effective July 1, 2004, added "and vehicles exempt from the motor vehicle excise tax pursuant to Subsection F of Section 7-14-6 NMSA 1978" after "1978".
There is legislative policy treating taxation of motor vehicles sales differently from the taxation of most other business activities. City of Alamogordo v. Walker Motor Co., Inc., 1980-NMSC-038, 94 N.M. 690, 616 P.2d 403.
Mobile homes as inventory not exempt. — The gross receipts from the sale of mobile homes held as inventory are not exempt from the gross receipts tax. S & S Sales, Inc. v. Bureau of Revenue, 1976-NMCA-009, 88 N.M. 649, 545 P.2d 1027.