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2021 New Mexico Statutes
Chapter 7 - Taxation
Article 2A - Corporate Income and Franchise Tax
Section 7-2A-5.1 - Corporate franchise tax amount.
Universal Citation: NM Stat § 7-2A-5.1 (2021)
The corporate franchise tax amount imposed on a corporation by Section 7-2A-3 NMSA 1978 shall be fifty dollars ($50.00) per taxable year or any fraction thereof.
History: Laws 1986, ch. 20, § 37; 1992, ch. 78, § 3.
ANNOTATIONSThe 1992 amendment, effective May 20, 1992, added "or any fraction thereof" at the end of the section.
Computation. — The tax provided by the former section was a franchise tax, since neither the property nor the capital stock of the corporation is taxed. Values of property and gross receipts are used as factors to determine the number of shares of the corporate stock that measures the tax. Southern Pac. Co. v. State Corp. Comm'n, 1937-NMSC-059, 41 N.M. 556, 72 P.2d 15.
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