NMSA 1978 Chapter 7 — Taxation
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.
Amendment history
1953 Comp., § 72-33-4, enacted by Laws 1973, ch. 345, § 4; 1999, ch. 47, § 8.
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