Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 9 - Gross Receipts and Compensating Tax, 7-9-1 through 7-9-114. > Section 7-9-35 - Exemption; gross receipts tax; natural resources subject to Resources Excise Tax Act.

Section 7-9-35 - Exemption; gross receipts tax; natural resources subject to Resources Excise Tax Act.

7-9-35. Exemption; gross receipts tax; natural resources subject to Resources Excise Tax Act.

Exempted from the gross receipts tax are receipts from the sale or processing of natural resources the severance or processing of which are subject to the taxes imposed by the Resources Excise Tax Act [7-25-1 NMSA 1978] except as otherwise provided in Section 7-25-8 NMSA 1978.