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ACD-31052 SERIES 1992 - NONTAXABLE - kgi

ACD-31052 SERIES 1992 - NONTAXABLE - kgi-2026

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The document is a Nontaxable Transaction Certificate (NTTC) issued by the New Mexico Taxation and Revenue Department, specifically a Type 9 certificate for the Waterflow Seventh-Day Adventist Church. It allows the church to purchase tangible personal property without incurring gross receipts tax, provided that the seller has a good-faith belief that the property will be used as represented. The certificate outlines eligibility criteria for execution, cautions against misuse, and includes instructions for both seller and buyer.

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Click ‘Get Form’ to open it in the editor.
Begin by entering the Certificate Type and Certificate Number at the top of the form. Ensure these details match your records.
Fill in the Date Issued and Expiration Date, ensuring accuracy to avoid any issues with validity.
In the EXECUTED BY section, input your New Mexico CRS ID#, Company Name, and Address. This information is crucial for identification.
Repeat the same details in the EXECUTED TO section for clarity, including both Buyer’s and Seller’s CRS IDs.
Complete the Date Certificate Executed and Contract/Account Number fields, noting that the date cannot precede the issued date.
Review all entries for accuracy before saving or exporting your completed form for submission.

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Who is tax-exempt in New Mexico?

New Mexico considers you a tax-exempt organization if the federal government has first granted the status to you under Section 501(c) of the Internal Revenue Code with a classification as an educational or social entity. Your gross receipts may be exempt from gross receipts tax under Section 7-9-29 NMSA 1978.

What is the right to farm in New Mexico?

The purpose of the Right to Farm Act is to conserve, protect, encourage, develop and improve agricultural land for the production of agricultural products and to reduce the loss to the state of its agricultural resources by limiting the circumstances under which agricultural operations may be deemed a nuisance.

What is exempt from New Mexico gross receipts tax?

The state imposes a governmental gross receipts tax of 5.00% on the receipts of New Mexico state and local governments. The exceptions are the gross receipts of public school districts and entities licensed by the Department of Health that are principally engaged in providing health care.

Who owes New Mexico gross receipts tax?

If you are engaged in business in New Mexico, you must file a New Mexico tax return and pay gross receipts tax for the privilege of doing business in New Mexico.

Is New Mexico a tax free state?

While New Mexico does not have a state sales tax it does have a statewide gross receipts tax, which is commonly passed on to the consumer by businesses just like a normal sales tax. Its state income tax ranges from 1.7% to a maximum of 4.9%.

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What is the New Mexico farm tax exemption?

The New Mexico Exemption Reason H - Agricultural applies a 50% tax reduction for certain enumerated agricultural products, and a full exemption for other tax codes. This aligns with New Mexico tax laws.

What is the senior property tax exemption in New Mexico?

Property Tax Rebate For Persons 65 or Older This is a rebate that New Mexico offers for property tax billed or rent paid during the tax year on your principal place of residence in New Mexico. The credit cannot exceed $250 or $125 for married filers filing separately.

ACD-31052 SERIES 1992 - NONTAXABLE - kgi-2026

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