Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 9 - Gross Receipts and Compensating Tax, 7-9-1 through 7-9-114. > Section 7-9-84 - Deduction; compensating tax; jet fuel.

Section 7-9-84 - Deduction; compensating tax; jet fuel.

7-9-84. Deduction; compensating tax; jet fuel.

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

B.     After June 30, 2012, forty percent of the value of the fuel specially prepared and sold for use in turboprop or jet-type engines as determined by the department may be deducted in computing the compensating tax due.