us-nm/stat
NMSA 1978, § 7-2-13 — Credit for taxes paid other states by resident individuals
A.
When a resident individual is liable to another state for tax upon income derived
from sources outside this state but also included in net income under the Income Tax
Act as income allocated or apportioned to New Mexico pursuant to Section 7-2-11
NMSA 1978, the individual, upon filing with the secretary satisfactory evidence of the
payment of the tax to the other state, shall receive a credit against the tax due this state
in the amount of the tax paid the other state with respect to income that is required to be
either allocated or apportioned to New Mexico. However, in no case shall the credit
exceed the amount of the taxpayer's New Mexico income tax liability on that portion of
income that is required to be either allocated or apportioned to New Mexico on which
the tax payable to the other state was determined. The credit provided by this section
does not apply to or include income taxes paid to any municipality, county or other
political subdivision of a state.
B.
The credit allowed pursuant to Subsection A of this section shall be calculated
without regard to the credit allowed pursuant to Section 7-3A-10 NMSA 1978.
Source: official text