There Is a Newer Version
of
the New Mexico Statutes
2011 New Mexico Statutes
Chapter 7: Taxation
Article 2: Income Tax General Provisions, 7-2-1 through 7-2-36
Section 7-2-4: Exemptions.
Universal Citation:
NM Stat § 7-2-4 (1996 through 1st Sess 50th Legis)
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This media-neutral citation is based
on the American Association of Law Libraries Universal Citation Guide and is not
necessarily the official citation.
7-2-4. Exemptions.
No income tax shall be imposed upon:
A. a trust organized or created in the United States and forming part of a stock bonus, pension or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries, which trust is exempt from taxation under the provisions of the Internal Revenue Code; or
B. religious, educational, benevolent or other organizations not organized for profit which are exempt from income taxation under the Internal Revenue Code except to the extent that such income is subject to federal income taxation as "unrelated business income" under the Internal Revenue Code.
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