New Mexico Statutes
§ 7-5-2 — Election of alternative tax
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.
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Legislative History
1953 Comp., § 72-15A-38, enacted by Laws 1967, ch. 56, § 2; 1971, ch. 20, §
Nearby Sections
15
§ 7-1-1
Short title§ 7-1-11.1
Managed audits§ 7-1-11.2
Required audit notices§ 7-1-12
Identification of taxpayers§ 7-1-13.1
Method of payment of certain taxes due§ 7-1-13.2
Repealed§ 7-1-13.3
Repealed§ 7-1-13.4
Electronic payments; reversals