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Why would I need a Nontaxable Transaction Certificate?

In transactions for which state law provides gross receipts tax deductions, the buyer or lessee may give the seller or lessor a New Mexico nontaxable transaction certificate (NTTC) to document the business’s deduction of its receipts. Deductible receipts are not subject to gross receipts tax. They are subtracted from gross receipts before the tax is calculated.In deductible transactions, the seller or lessor incurs no gross receipts tax to pass along to the customer, so the customer makes the purchase “tax free.” Although deductible receipts are not subject to gross receipts tax, they must be reported to the New Mexico Taxation and Revenue Department (TRD) on a Form CRS-1. Under state law, exempt receipts do not need to be reported.

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