2015 New Mexico Statutes
Chapter 7 - Taxation
Section 2A Corporate Income and Franchise Tax
Section 7-2A-8.4 Consolidated returns.
7-2A-8.4. Consolidated returns.
A. Any corporation that is subject to taxation under the Corporate Income and Franchise Tax Act and that reports to the internal revenue service for federal income tax purposes its net income consolidated with the net income of one or more other corporations may elect to report to New Mexico on the same basis.
B. Once a corporation has been included in a consolidated return to New Mexico, the corporation shall not elect to file a New Mexico return under any other method without prior permission of the secretary, unless the change in reporting method is required or allowed under the Internal Revenue Code. Furthermore, such a corporation shall not elect nor shall the secretary grant it permission to separately account for income in New Mexico pursuant to Paragraph (4) of Subsection A of Section 7-2A-8 NMSA 1978.
History: 1978 Comp., 7-2A-8.4, enacted by Laws 1983, ch. 213, 13; 1986, ch. 20, 44; 1993, ch. 307, 5; 1993, ch. 309, 3.
Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
