18.1.4.080 Gross Receipts Tax Credit.

(a) If a gross receipts, sales or similar tax has been levied by the State of New Mexico or a political subdivision thereof on a taxable transaction taking place within the Pueblo's lands, the amount of the state tax may be credited against any gross receipts tax due the Pueblo in the amount equal to the lesser of twenty-five percent (25%) of the Pueblo's gross receipts tax or twenty-five percent (25%) of tax revenue produced by the sum of the rate of tax imposed under the New Mexico Gross Receipts and Compensating Tax Act and the total of the rates of the local option gross receipts taxes imposed on the receipts from the same transaction; provided that the New Mexico Gross Receipts and Compensating Tax Act allows a credit for the lesser of seventy-five percent (75%) of the tax imposed by the Pueblo on the receipts from the transaction or seventy-five percent (75%) of the tax revenue produced by the sum of the rate of tax imposed pursuant to the Gross Receipts and Compensating Tax Act and the total of the rates of local option gross receipts taxes imposed on the receipts from the same transaction.

(b) The Pueblo may enter into a cooperative agreement with the Secretary of the New Mexico Taxation and Revenue Department to carry out the provisions of this Chapter, provided that the agreement shall be valid only if approved by resolution of the Council.