N.M. Stat. » Chapter 7 — Taxation
New Mexico Statutes

N.M. Stat. § 7-9-50 (2026)

Deduction; gross receipts tax; lease for subsequent lease

✓ current as of May 2026
Find cases: SyfertCases citing this section NM-LEGnmonesource.com JustiaChapter on Justia CornellLII Search CasesGoogle Scholar

A. Except as provided otherwise in Subsection B of this section, receipts from leasing tangible personal property or licenses may be deducted from gross receipts if the lease is made to a lessee who delivers a nontaxable transaction certificate to the lessor or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978. The lessee may not use the tangible personal property or license in any manner other than for subsequent lease in the ordinary course of business.

B. The deduction provided by this section does not apply to receipts from leasing: (1) furniture or appliances, the receipts from the rental or lease of which are deductible under Subsection C of Section 7-9-53 NMSA 1978;

(2) coin-operated machines; or

(3) manufactured homes.

History: 1953 Comp., § 72-16A-14.5, enacted by Laws 1969, ch. 144, § 40; 1972, ch. 80, § 2; 1975, ch. 160, § 2; 1979, ch. 338, § 4; 1983, ch. 220, § 10; 1991, ch. 203, § 4; 1992, ch. 39, § 8; 2021, ch. 65, § 17.

ANNOTATIONS

The 2021 amendment, effective July 1, 2021, provided that a taxpayer may provide the taxation and revenue department alternative evidence to claim a gross receipts tax deduction in lieu of providing a non-taxable transaction certificate; and in Subsection A, after "certificate to the lessor", added "or provides alternative evidence pursuant to Section 7-9-43 NMSA 1978", and after "lessee", deleted "delivering the nontaxable transaction certificate".

The 1992 amendment, effective July 1, 1992, in Subsection A, inserted "or licenses" in the first sentence and inserted "or license" in the second sentence.

The 1991 amendment, effective July 1, 1991, designated the formerly undesignated provision as Subsection A; rewrote the first sentence of Subsection A which read "receipts from leasing tangible personal property other than furniture or appliances, the receipts from the rental or lease of which are deductible under Subsection C of Section 7-9-53 NMSA 1978, other than coin-operated machines and other than mobile homes may be deducted from gross receipts if the lease is made to a lessee who delivers a nontaxable transaction certificate to the lessor"; and added Subsection B.

Notes of Decisions
Cited in 3 cases, 1979–2000 · leading case: Sonic Indus., Inc. v. State, 11 P.3d 1219 (N.M. Ct. App. 2000).
Sort: Relevance Newest Treatment
Sonic Indus., Inc. v. State, 11 P.3d 1219 (N.M. Ct. App. 2000). · cites it 2× “, NMSA 1978, § 7-9-47 (1969) (providing deduction for receipts from sale for resale of tangible personal property); NMSA 1978, § 7-9-50 (1969, as amended through 1991) (providing deduction for receipts from lease for release of tangible personal property).”
George R. v. Dir. of Revenue Divicsion Taxation, 612 P.2d 710 (N.M. Ct. App. 1980). · cites it 2× “Section 7-9-50, N.M.S.A.1978, provides: “Receipts from leasing tangible personal property, the receipts from the rental or lease of which are deductible under Subsection C of Section 7-9-53, .”
Strebeck Props., Inc. v. New Mexico Bureau of Revenue, 599 P.2d 1059 (N.M. Ct. App. 1979). · cites it 2× “(1953) [now § 7-9-50, N.M.S.A. (1978)], which provides a deduction from gross receipts tax for receipts on tangible property ieased for subsequent leasing.”
Annotations are extracted automatically from the opinions in the Syfert caselaw corpus and ranked by authority, recency, and treatment. Dots show Syfertize treatment of the citing case itself.