LegalFix
Sign In

Section 7-9-73.2 - Deduction; gross receipts tax and governmental gross receipts tax; prescription drugs; oxygen.

NM Stat § 7-9-73.2 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

A. Receipts from the sale of prescription drugs and oxygen and oxygen services provided by a licensed medicare durable medical equipment provider may be deducted from gross receipts and governmental gross receipts.

B. For the purposes of this section, "prescription drugs" means insulin and substances that are:

(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;

(2) prescribed for a specified person by a person authorized under state law to prescribe the substance; and

(3) subject to the restrictions on sale contained in Subparagraph 1 of Subsection (b) of 21 USCA 353.

History: Laws 1998, ch. 95, § 2; Laws 1998, ch. 99, § 4; 2003, ch. 272, § 7; 2007, ch. 361, § 3.

The 2007 amendment, effective July 1, 2007, permitted a deduction for receipts from the sale of oxygen and oxygen services provided by a licensed medicare durable medical equipment provider.

The 2003 amendment, effective July 1, 2003, added the Subsection A designation and added Subsection B.

Previous Section
Section 7-9-73.1 - Deduction; gross receipts; governmental gross receipts; hospitals.
Next Section
Section 7-9-73.3 - Deduction; gross receipts tax and governmental gross receipts tax; durable medical equipment; medical supplies.