New Mexico Statutes 7-9-13.1. Exemption; gross receipts tax; certain services
A. Exempted from the gross receipts tax are the receipts from selling research and development services performed outside New Mexico the product of which is initially used in New Mexico and that are sold:
Terms Used In New Mexico Statutes 7-9-13.1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(1) between affiliated corporations;
(2) to the United States by persons, other than organizations described in Subsection A of Section 7-9-29 N.M. Stat. Ann., who are prime contractors operating facilities in New Mexico designated as national laboratories by act of congress; or
(3) to persons, other than organizations described in Subsection A of section 7-9-29 N.M. Stat. Ann., who are prime contractors operating facilities in New Mexico designated as national laboratories by act of congress.
B. An “affiliated corporation” means a corporation that directly or indirectly, through one or more intermediaries controls, is controlled by or is under common control with the subject corporation. “Control” means ownership of stock in a corporation that represents at least eighty percent of the total voting power of that corporation and has a stated or par value equal to at least eighty percent of the total stated or par value of the stock of that corporation.