2018 New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 11 - Credit Unions
Section 58-11-61 - Taxation.
A. A credit union organized under or subject to the Credit Union Act [58-11-1 NMSA 1978] is exempt from taxation to the extent that a credit union chartered under federal law is exempt.
B. The shares of a credit union shall not be subject to stock transfer taxes, either when issued or when transferred from one member to another.
C. The participation by a credit union in any government program providing unemployment, social security, old age pension or other benefits shall not be deemed a waiver of the tax exemptions granted by this section.
History: Laws 1987, ch. 311, § 61; 1997, ch. 195, § 39.
Repeals. — Laws 1997, ch. 195, § 42 repealed Laws 1987, ch. 311, § 68, which had provided for the repeal of this section on July 1, 1997.
The 1997 amendment, effective July 1, 1997, substituted "Credit Union Act" for "Credit Union Regulatory Act" near the beginning of Subsection A and substituted "granted by this section" for "hereby granted" at the end of Subsection C.
