{"data":{"id":"us-nm/7-14a-3.1","jurisdiction":"us-nm","citation":"7-14A-3.1","heading":"Imposition and rate; leased vehicle surcharge.","body":"A. Except as provided in Subsection B of this section, there is imposed a surcharge on the leasing of a vehicle to another person by a person engaging in business in New Mexico if the lease is subject to the leased vehicle gross receipts tax. The amount of this surcharge is two dollars ($2.00) for each day the vehicle is leased by the person. The surcharge may be referred to as the \"leased vehicle surcharge\".\nB. The leased vehicle surcharge imposed in Subsection A of this section shall not apply to the lease of a temporary replacement vehicle if the lessee signs a statement that the temporary replacement vehicle is to be used as a replacement for another vehicle that is being repaired, serviced or replaced. For the purposes of this section, \"temporary replacement vehicle\" means a vehicle that is:\n(1) used by an individual in place of another vehicle that is unavailable for use by the individual due to loss, damage, mechanical breakdown or need for servicing; and\n(2) leased temporarily by or on behalf of the individual or loaned temporarily to the individual by a vehicle repair facility or dealer while the other vehicle is being repaired, serviced or replaced.","path":["Chapter 7 - Taxation","ARTICLE 14A Leased Vehicle Gross Receipts Tax"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18507/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"155b2bf3b8d73545b19ef4f901c1ef6c0eca66b348b675080831a672053f23bd","source_id":"us-nm","stale":false,"prev":"us-nm/7-14a-3","next":"us-nm/7-14a-4"},"notice":"GroundRules: Original legal text. Not legal advice."}