NMSA 1978, § 7-5-2 — Election of alternative tax

Any person:

# A.

who is required by the Income Tax Act [Chapter 7, Article 2 NMSA 1978] or the
Corporate Income and Franchise Tax Act [Chapter 7, Article 2A NMSA 1978] to file a
return;

# B.

whose only activities in New Mexico consist of making sales;

# C.

who does not own or rent real estate within the state of New Mexico; and

# D.

whose annual gross sales in or into New Mexico amount to not more than one
hundred thousand dollars ($100,000) may elect to pay a tax of three-fourths of one
percent of his annual gross receipts derived from sales in or into New Mexico in lieu of
paying an income tax.