Receipts from selling the service of combining or processing components or materials may be deducted from gross receipts if the sale is made to a person engaged in the business of manufacturing who delivers a nontaxable transaction certificate to the seller. The buyer delivering the nontaxable transaction certificate must have the service performed directly upon tangible personal property which he is in the business of manufacturing or upon ingredients or component parts thereof.
History: 1953 Comp., § 72-16A-14.32, enacted by Laws 1972, ch. 39, § 2.
ANNOTATIONSEffective dates. — Laws 1972, ch. 39 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 18, 1972, 90 days after the adjournment of the legislature.