N.M. Supreme Court Determines Cannabis Purchases Are Not Subject to Tax
Retrieved on:
Wednesday, February 23, 2022
ALBUQUERQUE, N.M., Feb. 23, 2022 (GLOBE NEWSWIRE) -- The New Mexico Supreme Court has determined medical cannabis purchases should be treated like any other medication and not have been subject to New Mexico Gross Receipts Tax.
Key Points:
- ALBUQUERQUE, N.M., Feb. 23, 2022 (GLOBE NEWSWIRE) -- The New Mexico Supreme Court has determined medical cannabis purchases should be treated like any other medication and not have been subject to New Mexico Gross Receipts Tax.
- Now, the New Mexico Court of Appeals ruling stands as the determining order that previous cannabis purchases by medical cannabis patients should have never been subject to New Mexico Gross Receipts Tax.
- In January 2020, the New Mexico Court of Appeals overturned TRDs decision to deny medical cannabis purchases a deduction from New Mexico Gross Receipts Tax.
- TRD then appealed the Court of Appeals decision, sending the issue to the New Mexico Supreme Court.