2006 New Mexico Statutes - Section 7-2A-9 — Taxpayer returns; payment of tax.

7-2A-9. Taxpayer returns; payment of tax.

A.     Every corporation deriving income from any business transaction, property or employment within this state and not exempt from tax under the Corporate Income and Franchise Tax Act [Chapter 7, Article 2A NMSA 1978] which is required by the laws of the United States to file a federal income tax return shall file a complete tax return with the department in form and content as prescribed by the secretary. Corporations shall file such returns with the department on or before the fifteenth day of the third month following the end of each taxable year. The corporate income tax imposed on corporations under Subsection A of Section 7-2A-3 NMSA 1978 is due and payment is required on or before the fifteenth day of the third month following the end of the taxable year.   

B.     Every domestic or foreign corporation, not exempt from tax under the Corporate Income and Franchise Tax Act, employed or engaged in the transaction of business in, into or from this state or deriving any income from property or employment within this state and every domestic or foreign corporation, whether engaged in active business or not, but having or exercising its corporate franchise in this state and not exempt from tax under the Corporate Income and Franchise Tax Act is required to file a return in the form and content as prescribed by the secretary and pay the tax levied pursuant to Subsection B of Section 7-2A-3 NMSA 1978 in the amount for each corporation as specified in Section 7-2A-5.1 NMSA 1978. Returns and payment of tax for corporate franchise tax for a taxable year shall be filed and paid on the date specified in Subsection A of this section for payment of corporate income tax for the preceding taxable year.