Terms Used In New Mexico Statutes > Chapter 7 > Article 5 - Multistate Tax Compact

• Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
• business income: means income arising from transactions and activity in the regular course of the taxpayer's trade or business and includes income from tangible and intangible property if the acquisition, management, and disposition of the property constitute integral parts of the taxpayer's regular trade or business operations. See New Mexico Statutes 7-5-1
• capital stock tax: means a tax measured in any way by the capital of a corporation considered in its entirety. See New Mexico Statutes 7-5-1
• commercial domicile: means the principal place from which the trade or business of the taxpayer is directed or managed. See New Mexico Statutes 7-5-1
• compensation: means wages, salaries, commissions and any other form of remuneration paid to employees for personal services. See New Mexico Statutes 7-5-1
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Donor: The person who makes a gift.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• financial organization: means any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, savings and loan association, credit union, cooperative bank, small loan company, sales finance company, investment company, or any type of insurance company. See New Mexico Statutes 7-5-1
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• gross receipts tax: means a tax, other than a sales tax, that is imposed on or measured by the gross volume of business, in terms of gross receipts or in other terms, and in the determination of which no deduction is allowed that would constitute the tax an income tax. See New Mexico Statutes 7-5-1
• income tax: means a tax imposed on or measured by net income, including any tax imposed on or measured by an amount arrived at by deducting expenses from gross income, one or more forms of which expenses are not specifically and directly related to particular transactions. See New Mexico Statutes 7-5-1
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• nonbusiness income: means all income other than business income. See New Mexico Statutes 7-5-1
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Personal property: All property that is not real property.
• public utility: means any business entity: (1) that owns or operates any plant, equipment, property, franchise, or license for the transmission of communications, transportation of goods or persons, except by pipe line, or the production, transmission, sale, delivery, or furnishing of electricity, water or steam. See New Mexico Statutes 7-5-1
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• sales: means all gross receipts of the taxpayer not allocated under paragraphs of this article. See New Mexico Statutes 7-5-1
• sales tax: means a tax imposed with respect to the transfer for a consideration of ownership, possession or custody of tangible personal property or the rendering of services measured by the price of the tangible personal property transferred or services rendered and that is required by state or local law to be separately stated from the sales price by the seller, or that is customarily separately stated from the sales price, but does not include a tax imposed exclusively on the sale of a specifically identified commodity or article or class of commodities or articles. See New Mexico Statutes 7-5-1
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• state: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, or any Territory or Possession of the United States. See New Mexico Statutes 7-5-1
• Statute: A law passed by a legislature.
• subdivision: means any governmental unit or special district of a state. See New Mexico Statutes 7-5-1
• Subpoena: A command to a witness to appear and give testimony.
• tax: means an income tax, capital stock tax, gross receipts tax, sales tax, use tax, and any other tax that has a multistate impact, except that the provisions of Articles III, IV and V of this compact shall apply only to the taxes specifically designated therein and the provisions of Article IX of this compact shall apply only in respect to determinations pursuant to Article IV of this compact. See New Mexico Statutes 7-5-1
• taxpayer: means any corporation, partnership, firm, association, governmental unit or agency or person acting as a business entity in more than one state. See New Mexico Statutes 7-5-1
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• this state: means the state in which the relevant tax return is filed or, in the case of application of this article to the apportionment and allocation of income for local tax purposes, the subdivision or local taxing district in which the relevant tax return is filed. See New Mexico Statutes 7-5-1
• use tax: means a nonrecurring tax, other than a sales tax, that: (a) is imposed on or with respect to the exercise or enjoyment of any right or power over tangible personal property incident to the ownership, possession or custody of that property or the leasing of that property from another including any consumption, keeping, retention, or other use of tangible personal property. See New Mexico Statutes 7-5-1