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

N.M. Stat. § 7-9-61.1 (2026)

Deduction; gross receipts tax; certain receipts

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Receipts from charges made in connection with the origination, making or assumption of a loan or from charges made for handling loan payments may be deducted from gross receipts.

History: 1978 Comp., § 7-9-61.1, enacted by Laws 1981, ch. 37, § 52.

ANNOTATIONS

Effective dates. — Laws 1981, ch. 37, § 99 made Laws 1981, ch. 37, § 52 effective January 1, 1982.

"Charges made for handling loan payments". — The phrase "charges made for handling loan payments", as used in this section, does not encompass charges made by taxpayers for their escrow services in connection with installment payments on real estate contracts. The legislature intended to allow the deduction from gross receipts only for typical loan transactions involving both a traditional lender and borrower. Any processing or collection charges typically made by either independent escrow agents, or banks acting as escrow agents, are not properly deductible from gross receipts. Security Escrow Corp. v. State Taxation & Revenue Dep't, 1988-NMCA-068, 107 N.M. 540, 760 P.2d 1306.

Notes of Decisions
Cited in 3 cases, 1988–2012 · leading case: Wing Pawn Shop v. Taxation & Revenue Dep't, 809 P.2d 649 (N.M. Ct. App. 1991).
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Wing Pawn Shop v. Taxation & Revenue Dep't, 809 P.2d 649 (N.M. Ct. App. 1991). · cites it 28× “…1986), which may be deductible in whole or in part from gross receipts as a loan origination or handling charge. See NMSA 1978, § 7-9-61.1.”
Sec. Escrow Corp. v. State of Taxation & Revenue Dep't, 760 P.2d 1306 (N.M. Ct. App. 1988). · cites it 14× “Taxpayers base their claim for refund on the language of NMSA 1978, Section 7-9-61.1 (Repl.1986), which allows the deduction of receipts from charges made in connection with a loan or made for handling loan payments when computing the gross receipts tax.”
Automated v. Taxation, No. 30,828 (N.M. Ct. App. Aug. 2, 2012). · cites it 15× “3 This case presents the issue whether a company that operates automatic teller 4 machines (ATM) is entitled under NMSA 1978, Section 7-9-61.1 (1981) to deduct 5 from its gross receipts tax, the surcharge fees collected from ATM customers.”
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