The receipts from the leasing by the owner of vehicles that were acquired by the owner prior to July 1, 1991 and with respect to which the excise tax pursuant to Section 7-14-3 NMSA 1978 was paid and a certificate of title issued prior to July 1, 1991 are exempt from the tax imposed by Section 7 [7-14A-3 NMSA 1978] of this act.
History: Laws 1991, ch. 197, § 13.
Effective dates. — Laws 1991, ch. 197, § 16 made Laws 1991, ch. 197, § 13 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.