New Mexico Statutes 6-32-2. Definitions
As used in the Small Business Recovery and Stimulus Act: A. “authority” means the New Mexico finance authority;
Terms Used In New Mexico Statutes 6-32-2
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- 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.
B. “New Mexico resident” means an individual who is domiciled in this state during any part of the year or an individual who is physically present in this state for one hundred eighty-five days or more during the taxable year;
C. “non-employer business” means a qualifying small business that has no paid employees;
D. “ordinary and necessary business expenses” means all expenses, including expenses and capital expenses incurred to operate the business in compliance with a public health order;
E. “qualifying small business” means a business or nonprofit corporation that:
(1) can demonstrate, as determined by the authority, that it has sustained a substantial decline in gross revenue or a substantial disruption to its operations due to the public health orders issued by the secretary of health and related to the coronavirus disease 2019 public health emergency;
(2) had an annual net revenue of less than five million dollars ($5,000,000) as determined by the authority; and
(3) is organized and operated as a nonprofit corporation or is owned as follows:
(a) for a sole proprietorship, one hundred percent of the assets of the business are owned or leased by a New Mexico resident; and
(b) for a corporation, partnership, joint venture, limited liability company, limited partnership or other business entity, at least fifty-one percent of the total voting power of the entity and at least fifty-one percent of the total value of the equity is owned by one or more New Mexico residents or the business entity maintains a physical business location within the state and has employed at least ten full-time New Mexico resident employees at any time since January 1, 2019; and
F. “nonprofit corporation” means an organization that has been granted exemption from the federal income tax by the United States commissioner of internal revenue as an organization described in Section 501(c)(3), 501(c)(6), 501(c)(8), 501(c)(19) or
501(c)(23) of the United States Internal Revenue Code of 1986 and subject to the provisions of the Nonprofit Corporation Act [N.M. Stat. Ann. Chapter 53, Article 8].