If a vehicle has been acquired through an out-of-state transaction upon which a gross receipts, sales, compensating or similar tax was levied by another state or political subdivision thereof, the amount of the tax paid may be credited against the tax due this state on the same vehicle.
History: 1978 Comp., § 7-14-7, enacted by Laws 1988, ch. 73, § 17.
Effective dates. — Laws 1988, ch. 73, § 58 made Laws 1988, ch. 73, § 17 effective July 1, 1988.
Structure New Mexico Statutes
Article 14 - Motor Vehicle Excise Tax
Section 7-14-3 - Imposition of motor vehicle excise tax.
Section 7-14-4 - Determination of amount of motor vehicle excise tax.
Section 7-14-5 - Time of payment of tax.
Section 7-14-6 - Exemptions from tax.
Section 7-14-7 - Credit against tax.
Section 7-14-7.1 - Credit; vehicles used for short-term leasing; requirements; reports.
Section 7-14-8 - Imposition of penalty for failure to make timely application.
Section 7-14-9 - Refunds; procedures.
Section 7-14-9.2 - Penalties for failure to submit report or to pay; interest.
Section 7-14-10 - Distribution of proceeds.
Section 7-14-11 - Administration by department; authority of department.