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If a vehicle rental business buys a vehicle to lease or sell, is its acquisition of that vehicle subject to New Mexico motor vehicle excise tax?

April 26, 2017acquisition Business buys lease motor New Mexico rental sell Subject vehicle

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If a vehicle rental business buys a vehicle to lease or sell, is its acquisition of that vehicle subject to New Mexico motor vehicle excise tax?

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Such an acquisition of a vehicle is exempt from motor vehicle excise tax if:• the business does not use the vehicle in any way other than holding it for lease or sale, or for leasing or selling it in the ordinary course of business; • the lease of the vehicle is for a term of more than six months; • the receipts from the lease of the vehicle are subject to New Mexico gross receipts tax, and • the vehicle does not have a gross vehicle weight of over 26,000 pounds.