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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-2-13

Credit for taxes paid other states by resident individuals

Official textnmonesource.comlast amended

# 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.

Amendment history

1953 Comp., § 72-15A-11, enacted by Laws 1965, ch. 202, § 11; 1970, ch. 34, § 1; 1973, ch. 133, § 1; 1974, ch. 56, § 2; 1981, ch. 37, § 23; 1990, ch. 49, § 7; 1992, ch. 78, § 1; 2013, ch. 179, § 1; 2023, ch. 159, § 2.

Source: official source (NMSA chapter on nmonesource.com)

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In this article (40 sections)
  1. 7-2-5.11 · Exemption; armed forces salaries
  2. 7-2-5.12 · Repealed
  3. 7-2-5.13 · Exemption; armed forces retirement pay
  4. 7-2-5.14 · Exemption; social security income
  5. 7-2-6 · Repealed
  6. 7-2-7 · Individual income tax rates
  7. 7-2-7.1 · Tax tables
  8. 7-2-7.2 · Repealed
  9. 7-2-7.3 · Repealed
  10. 7-2-7.4 · 2020 income tax rebate
  11. 7-2-7.5 · Supplemental 2021 income tax rebates
  12. 7-2-7.6 · 2021 income tax rebate
  13. 7-2-7.7 · Additional 2021 income tax rebates
  14. 7-2-8 · Repealed
  15. 7-2-9 · Tax computation; alternative method
  16. 7-2-10 · Income taxes applied to individuals on federal areas
  17. 7-2-11 · Tax credit; income allocation and apportionment
  18. 7-2-12 · Taxpayer returns; payment of tax
  19. 7-2-12.1 · Limitation on claiming of credits and tax rebates
  20. 7-2-12.2 · Estimated tax due; payment of estimated tax; penalty
  21. 7-2-13 · Credit for taxes paid other states by resident individuals
  22. 7-2-14 · Low-income comprehensive tax rebate
  23. 7-2-14.1 · Repealed
  24. 7-2-14.2 · Repealed
  25. 7-2-14.3 · 7-2-14.3
  26. 7-2-14.4 · 7-2-14.4
  27. 7-2-14.5 · Imposition of tax; limitations
  28. 7-2-15 · Repealed
  29. 7-2-16 · Repealed
  30. 7-2-16.1 · Repealed
  31. 7-2-17 · Repealed
  32. 7-2-17.1 · Repealed
  33. 7-2-18 · 7-2-18
  34. 7-2-18.1 · 7-2-18.1
  35. 7-2-18.2 · Credit for preservation of cultural property; refund
  36. 7-2-18.3 · Repealed
  37. 7-2-18.4 · Repealed
  38. 7-2-18.5 · Repealed
  39. 7-2-18.6 · Repealed
  40. 7-2-18.7 · Repealed
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