NM Gov. OKs Tax Break For In-State Aircraft Services

Law360, New York (March 6, 2014, 3:23 PM EST) -- New Mexico Gov. Susana Martinez signed legislation Thursday that exempts companies located within the state from paying the gross receipts on the sale of aircraft parts or aircraft maintenance services.

Speaking at a bill-signing ceremony in Santa Teresa, N.M., Martinez said lifting the tax is intended to grow New Mexico's aviation industry and create new jobs in-state. The legislation extends the state's existing gross receipts deduction for aircraft manufacturers, to all aircraft parts and labor services.

“Making New Mexico competitive has proven to be an effective...
To view the full article, register now.