Jet Fuel Gross Receipts Tax Deduction
AGENCY: Taxation and Revenue Department
DESCRIPTION: To encourage travel by turboprop or jet-type powered airlines, the 2006 Legislature has allowed for a deduction for fuel to power those types of airplanes. ELIGIBILITY: Any supplier of fuel prepared and sold for use in turboprop and jet-type engines.
• From July 1, 2003 to June 30, 2012, 55% of the receipts from the sale for fuel specially prepared and sold for use in turboprop and jet-type engines, as determined by the Department, may be deducted from gross receipts and in computing the compensating tax due.
• After June 30, 2012, 40% of the receipts from the sale of fuel as described above. See SB009 2006.
• Visit the Taxation and Revenue Department homepage at http://www.state.nm.us/tax/home.htm or call the office of the Secretary at (505) 827-0951.
Category: State Incentives, Tax Incentives
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