Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 9 - Gross Receipts and Compensating Tax, 7-9-1 through 7-9-114. > Section 7-9-31 - Exemption; gross receipts and compensating tax; resale activities of an armed forces instrumentality.

Section 7-9-31 - Exemption; gross receipts and compensating tax; resale activities of an armed forces instrumentality.

7-9-31. Exemption; gross receipts and compensating tax; resale activities of an armed forces instrumentality.

Exempted from the gross receipts and compensating tax are the receipts from selling tangible personal property and the use of property by any instrumentality of the armed forces of the United States engaged in resale activities.