New Mexico Statutes 7-9-54.1. Deduction; gross receipts from sale of aerospace services to certain organizations
A. Receipts from performing or selling an aerospace service for resale may be deducted from gross receipts if the sale is made to a buyer who delivers a nontaxable transaction certificate or provides alternative evidence pursuant to Section 7-9-43 N.M. Stat. Ann.. The buyer shall separately state the value of the aerospace service purchased in the buyer’s charge for the aerospace service on its subsequent sale to an organization or, if the buyer is an organization, on the organization’s subsequent sale to the United States, and the subsequent sale shall be in the ordinary course of business of selling aerospace services to an organization or to the United States.
Terms Used In New Mexico Statutes 7-9-54.1
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
B. As used in this section:
(1) “aerospace services” means research and development services sold to or for resale to an organization for resale by the organization to the United States air force; and
(2) “organization” means an organization described in Subsection A of Section 7-9-29 N.M. Stat. Ann. other than a prime contractor operating facilities in New Mexico designated as a national laboratory by act of congress.