{"data":{"id":"us-nm/7-9-73.2","jurisdiction":"us-nm","citation":"7-9-73.2","heading":"Deduction; gross receipts tax and governmental gross receipts tax; prescription drugs; oxygen; cannabis.","body":"A. Receipts from the sale of prescription drugs and oxygen and oxygen services provided by a licensed medicare durable medical equipment provider and cannabis products that are sold in accordance with the Lynn and Erin Compassionate Use Act [Chapter 26, Article 2B NMSA 1978] and psilocybin products and medical care that are sold in accordance with the Medical Psilocybin Act [26-2D-1 to 26-2D-11 NMSA 1978] may be deducted from gross receipts and governmental gross receipts.\nB. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction separately in a manner required by the department. The deduction shall be included in the tax expenditure budget pursuant to Section 7-1-84 NMSA 1978, including the annual aggregate cost of the deduction.\nC. For the purposes of this section, \"prescription drugs\" means insulin and substances that are:\n(1) dispensed by or under the supervision of a licensed pharmacist or by a physician or other person authorized under state law to do so;\n(2) prescribed for a specified person by a person authorized under state law to prescribe the substance; and\n(3) subject to the restrictions on sale contained in Subparagraph 1 of Subsection (b) of 21 USCA 353.","path":["Chapter 7 - Taxation","ARTICLE 9 Gross Receipts and Compensating 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":"1aa2412731bc77dcbfdaa9ae0a1fb3e202acfa7679505893b8c527d5c3439847","source_id":"us-nm","stale":false,"prev":"us-nm/7-9-73.1","next":"us-nm/7-9-73.3"},"notice":"GroundRules: Original legal text. Not legal advice."}