The ACD-31052 is New Mexico's official Nontaxable Transaction Certificate (NTTC) Series 1992, administered by the New Mexico Taxation and Revenue Department and last revised in February 2005. The form enables qualifying buyers to purchase goods or services without paying gross receipts tax when those items will be resold, leased to another party, or incorporated into a manufactured product.
To complete the form, the buyer must provide the Certificate Type (Types 1 through 9, each corresponding to a specific exemption category under NMSA 1978), a Certificate Number, the execution date, and the New Mexico Combined Reporting System (CRS) Identification Numbers for both the buyer and seller. Company names and a description of the covered property or services are also required.
Important compliance notes: misusing an NTTC or diverting purchased goods to a non-exempt use can result in tax liability, interest charges, and the suspension of NTTC privileges. The seller must have a reasonable, good-faith basis for accepting the certificate. Both parties are responsible for retaining their copies for a minimum of three years to support any future audit.
| Question | Answer |
|---|---|
| Form Name | ACD-31052 Nontaxable Transaction Certificate (NTTC) |
| Form Type | Nontaxable Transaction Certificate (NTTC) |
| Issuing Authority | New Mexico Taxation and Revenue Department |
| Applicable State | New Mexico (NM) |
| Last Revised | February 2005 |
| Governing Law | NMSA 1978 |
| Form Length | 1 page |
| Fillable? | Yes (online) |
| Avg. time to fill out | 5-10 minutes |
| Other names | Series 1992 NTTC, New Mexico NTTC, Non-Taxable Transaction Certificate, NM Gross Receipts Tax Exemption Certificate |