Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 9 - Gross Receipts and Compensating Tax, 7-9-1 through 7-9-114. > Section 7-9-71 - Deduction; gross receipts tax; trade-in allowance.

Section 7-9-71 - Deduction; gross receipts tax; trade-in allowance.

7-9-71. Deduction; gross receipts tax; trade-in allowance.

That portion of the receipts of a seller that is represented by a trade-in of tangible personal property of the same type being sold, except for the receipts represented by a trade-in of a manufactured home, may be deducted from gross receipts.