us-nm/stat
NMSA 1978, § 7-7-4 — Nonresidents; tax imposed; exemption
A.
Tax in an amount computed as provided in this section is imposed on the transfer
of the net estate located in New Mexico of every nonresident.
B.
The tax shall be computed by multiplying the federal credit by a fraction, the
numerator of which is the value of the property located in New Mexico and the
denominator of which is the value of the decedent's gross estate.
C.
For purposes of this section, the following is included as property located in New
Mexico:
(1) debts arising from transactions in, or having a business situs in, New
Mexico; and
(2) the securities of any corporation or other entity organized under the laws
of New Mexico.
D.
The transfer of the personal property of a nonresident is exempt from the tax
imposed by this section to the extent that the personal property of residents is exempt
from taxation under the laws of the state in which the nonresident is domiciled.
Source: official text