3% volt drop is suggested in many circumstances as being a reasonable limit of voltage drop, but is not a code requirement.
3% is probably a good figure to aim for, but judgement should be applied.
In the case of a motor used only briefly, and on a long feeder or branch circuit, a larger voltage drop might be reasonable, accepting increased losses and/or reduced motor life rather than spending thousands of dollars on larger wire.
In the case of a large motor with long operating hours, consider the annual cost of energy wasted in voltage drop, larger wire might pay for itself in a year or so.