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2019 New Mexico Statutes
Chapter 7 - Taxation
Article 11 - Railroad Car Company Tax
Section 7-11-3 - Imposition of tax; tax rate; tax in lieu of property taxes.
Universal Citation: NM Stat § 7-11-3 (2019)
A. There is imposed on the gross earnings of each organization for the 1996 and subsequent calendar years a tax of one and one-half percent.
B. The tax imposed in Subsection A of this section is in lieu of all property taxes on railway cars owned by an organization.
History: 1978 Comp., § 7-11-3, enacted by Laws 1982, ch. 18, § 19; 1987, ch. 108, § 1; 1997, ch. 92, § 1.
ANNOTATIONSThe 1997 amendment, effective April 8, 1997, in Subsection A, substituted "1996" for "1987" and "one and one-half percent" for "three and one-half percent".
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 127, 291, 392 to 395, 399, 402, 405, 427, 438.
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