There is a newer version of the New Mexico Statutes
2013 New Mexico Statutes
Chapter 7 - Taxation
Article 5 - Multistate Tax Compact
Section 7-5-2 - Election of alternative tax. (1987)
NM Stat § 7-5-2 (2013) What's This?
7-5-2. Election of alternative tax. (1987)
Any person:
A. who is required by the Income Tax Act [7-2-1 NMSA 1978] or the Corporate Income and Franchise Tax Act [7-2A-1 NMSA 1978] to file a return;
B. whose only activities in New Mexico consist of making sales;
C. who does not own or rent real estate within the state of New Mexico; and
D. whose annual gross sales in or into New Mexico amount to not more than one hundred thousand dollars ($100,000)
may elect to pay a tax of three-fourths of one percent of his annual gross receipts derived from sales in or into New Mexico in lieu of paying an income tax.
History: 1953 Comp., § 72-15A-38, enacted by Laws 1967, ch. 56, § 2; 1971, ch. 20, § 4; 1981, ch. 37, § 50; 1987, ch. 277, § 6.
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