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Section 7-5-2 - Election of alternative tax.

NM Stat § 7-5-2 (2019) (N/A)
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Any person:

A. who is required by the Income Tax Act [Chapter 7, Article 2 NMSA 1978] or the Corporate Income and Franchise Tax Act [Chapter 7, Article 2A NMSA 1978] to file a return;

B. whose only activities in New Mexico consist of making sales;

C. who does not own or rent real estate within the state of New Mexico; and

D. whose annual gross sales in or into New Mexico amount to not more than one hundred thousand dollars ($100,000) may elect to pay a tax of three-fourths of one percent of his annual gross receipts derived from sales in or into New Mexico in lieu of paying an income tax.

History: 1953 Comp., § 72-15A-38, enacted by Laws 1967, ch. 56, § 2; 1971, ch. 20, § 4; 1981, ch. 37, § 50; 1987, ch. 277, § 6.

Cross references. — For compact provisions relating to alternative tax, see Article III 2 of 7-5-1 NMSA 1978.

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