Category: State Incentives, Tax Incentives
AGENCY: Taxation and Revenue Department
DESCRIPTION: The Aircraft Maintenance or Remodeling Tax Deduction provides tax relief for maintaining, refurbishing, remodeling or otherwise modifying a commercial or military carrier (aircraft) over 10,000 pounds gross landing weight.
• Deduction for all receipts from the sale of aircraft.
• Maximum Program Benefits: The gross receipts tax rate is approximately 7%.
• See 7-9-62.1 NMSA.
• Visit the Taxation and Revenue Department homepage at http://www.state.nm.us/tax/home.htm or find paperwork and applications at http://www.state.nm.us/tax/BizPge.htm.
• Call the office of the Secretary at (505) 827-0951.