2014 New Mexico Statutes
Chapter 7 - Taxation
Section 9 Gross Receipts and Compensating Tax
Section 7-9-29 Exemption; gross receipts tax; certain organizations.

NM Stat § 7-9-29 (2014) What's This?
7-9-29. Exemption; gross receipts tax; certain organizations.
A. Exempted from the gross receipts tax are the receipts of organizations that demonstrate to the department that they have been granted exemption from the federal income tax by the United States commissioner of internal revenue as organizations described in Section 501(c)(3) of the United States Internal Revenue Code of 1954, as amended or renumbered.
B. Exempted from the gross receipts tax are the receipts from carrying on chamber of commerce, visitor bureau and convention bureau functions of organizations that demonstrate to the department that they have been granted exemption from the federal income tax by the United States commissioner of internal revenue as organizations described in Section 501(c)(6) of the United States Internal Revenue Code of 1954, as amended or renumbered.
C. This section does not apply to receipts derived from an unrelated trade or business as defined in Section 513 of the United States Internal Revenue Code of 1954, as amended or renumbered.
History: 1978 Comp., 7-9-29, enacted by Laws 1970, ch. 12, 3; 1983, ch. 220, 6; 1988, ch. 139, 1; 1990, ch. 41, 5.

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