New Mexico § 7-5-2 Election of alternative tax

New Mexico Statutes

§ 7-5-2 — Election of alternative tax

New Mexico § 7-5-2

Ch. 7Taxation

Art. 5Multistate Tax Compact

This text of New Mexico § 7-5-2 (Election of alternative tax) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 7-5-2 (2026).

Text

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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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.