Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 9 - Gross Receipts and Compensating Tax, 7-9-1 through 7-9-114. > Section 7-9-83 - Deduction; gross receipts tax; jet fuel.

Section 7-9-83 - Deduction; gross receipts tax; jet fuel.

7-9-83. Deduction; gross receipts tax; jet fuel.

A.     From July 1, 2003 through June 30, 2012, fifty-five percent of the receipts from the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted from gross receipts.  

B.     After June 30, 2012, forty percent of the receipts from the sale of fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted from gross receipts.