NMSA 7-9-69. Deduction; gross receipts tax; administrative and

7-9-69. Deduction; gross receipts tax; administrative and accounting services. A. Receipts of a business entity for administrative, managerial, accounting and customer services performed by it for an affiliate upon a nonprofit or cost basis and receipts of a business entity from an affiliate for the joint use or sharing of office machines and facilities upon a nonprofit or cost basis may be deducted from gross receipts. B. For the purposes of this section: (1) "affiliate" means a business entity that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with another business entity; (2) "business entity" means a corporation, limited liability company, partnership, limited partnership, limited liability partnership or real estate investment trust, but does not mean an individual or a joint venture; and (3) "control" means equity ownership in a business entity that: (a) represents at least fifty percent of the total voting power of that business entity; or (b) has a value equal to at least fifty percent of the total equity of that business entity. History: 1953 Comp., § 72-16A-14.26, enacted by Laws 1969, ch. 144, § 61; 1990, ch. 43, § 1; 1993, ch. 149, § 1; 1998, ch. 112, § 1; 2002, ch. 21, § 1; 2015, ch. 38, § 1.