NMSA 1978 Chapter 7 — Taxation
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.
Amendment history
1953 Comp., § 72-15A-38, enacted by Laws 1967, ch. 56, § 2; 1971, ch. 20, § 4; 1981, ch. 37, § 50; 1987, ch. 277, § 6.
Source: official source (NMSA chapter on nmonesource.com)
In this article (7 sections)
- 7-5-1 · Compact enacted and entered into
- 7-5-2 · Election of alternative tax
- 7-5-3 · Appointment of multistate tax commission member
- 7-5-4 · Alternate designated by commissioner
- 7-5-5 · Counsel to be designated
- 7-5-6 · Local government advisors
- 7-5-7 · Interaudits provisions made applicable