NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-7-3
Residents; tax imposed; credit for tax paid other state
# A.
A tax in an amount equal to the federal credit is imposed on the transfer of the net estate of every resident.
# B.
If any property of a resident is subject to a death tax imposed by another state for which a credit is allowed by Section 2011, and if the tax imposed by the other state is not qualified by a reciprocal provision allowing the property to be taxed in the state of decedent's domicile, the amount of the tax due under this section shall be credited with the lesser of:
# (1)
the amount of the death tax paid the other state and credited against the federal estate tax; or
# (2)
an amount computed by multiplying the federal credit by a fraction, the numerator of which is the value of the property subject to the death tax imposed by the other state and the denominator of which is the value of the decedent's gross estate.
Amendment history
1953 Comp., § 72-33-3, enacted by Laws 1973, ch. 345, § 3.
Source: official source (NMSA chapter on nmonesource.com)
In this article (18 sections)
- 7-7-1 · Short title
- 7-7-2 · Definitions
- 7-7-3 · Residents; tax imposed; credit for tax paid other state
- 7-7-4 · Nonresidents; tax imposed; exemption
- 7-7-5 · Tax return
- 7-7-6 · Date payment due
- 7-7-7 · 7-7-7
- 7-7-8 · Department to file certificate; final settlement of account
- 7-7-9 · 7-7-9
- 7-7-10 · Administration
- 7-7-11 · Sale of property to pay tax
- 7-7-12 · Liability for failure to pay tax before distribution or…
- 7-7-15 · Short title
- 7-7-16 · Definitions
- 7-7-17 · Payment of estate tax in works of art
- 7-7-18 · Procedure for payment in works of art
- 7-7-19 · Agreement on valuation
- 7-7-20 · Credit against tax