Deduction; gross receipts tax; trade-in allowance.

  1. Law
  2. New Mexico Statutes
  3. Taxation
  4. Gross Receipts and Compensating Tax
  5. Deduction; gross receipts tax; trade-in allowance.

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That portion of the receipts of a seller that is represented by a trade-in of tangible personal property of the same type being sold, except for the receipts represented by a trade-in of a manufactured home, may be deducted from gross receipts.

History: 1953 Comp., § 72-16A-14.28, enacted by Laws 1969, ch. 144, § 63; 1979, ch. 338, § 6; 1991, ch. 203, § 7.

ANNOTATIONS

The 1991 amendment, effective July 1, 1991, substituted "manufactured" for "mobile".


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