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Section 7-40-5 - Exemptions. (Effective January 1, 2020.)

NM Stat § 7-40-5 (2019) (N/A)
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Exempted from the taxes imposed pursuant to the Insurance Premium Tax Act are:

A. premiums attributable to insurance or contracts purchased by the state or a political subdivision for the state's or political subdivision's active or retired employees;

B. payments received by a health maintenance organization from the federal secretary of health and human services pursuant to a risk-sharing contract issued under the provisions of 42 U.S.C. Section 1395mm(g);

C. any business transacted pursuant to the provisions of the Service Contract Regulation Act [Chapter 59A, Article 58 NMSA 1978];

D. the premiums from each policy or plan issued or offered pursuant to the Minimum Healthcare Protection Act [Chapter 59A, Article 23B NMSA 1978] during the first three years of the issuance of the master policy or individual policy; and

E. the money collected and placed in trust pursuant to Section 59A-49-6 NMSA 1978.

History: Laws 2018, ch. 57, § 5.

Effective dates. — Laws 2018, ch. 57, § 32 made Laws 2018, ch. 57, § 5 effective January 1, 2020.

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