A. For the privilege of engaging in business, an excise tax equal to five percent of gross receipts is imposed on any person engaging in business in New Mexico.
B. The tax imposed by this section shall be referred to as the "leased vehicle gross receipts tax".
History: Laws 1991, ch. 197, § 7.
Effective dates. — Laws 1991, ch. 197, § 16 made Laws 1991, ch. 197, § 7 effective July 1, 1991.
Structure 2021 New Mexico Statutes
Article 14A - Leased Vehicle Gross Receipts Tax
Section 7-14A-1 - Short title.
Section 7-14A-2 - Definitions.
Section 7-14A-3 - Imposition and rate of tax; denomination as "leased vehicle gross receipts tax".
Section 7-14A-3.1 - Imposition and rate; leased vehicle surcharge.
Section 7-14A-4 - Presumption of taxability.
Section 7-14A-5 - Separately stating the leased vehicle gross receipts tax.
Section 7-14A-6 - Date payment due.
Section 7-14A-7 - Deduction; transactions in interstate commerce.
Section 7-14A-8 - Deduction; trade-in allowance.
Section 7-14A-9 - Exemption; vehicles titled before July 1, 1991.