New Mexico Statutes 7-5-2. Election of alternative tax
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Any person:
Terms Used In New Mexico Statutes 7-5-2
- 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
- sales: means all gross receipts of the taxpayer not allocated under paragraphs of this article. See New Mexico Statutes 7-5-1
- 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
- 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
A. who is required by the Income Tax Act [N.M. Stat. Ann. Chapter 7, Article 2] or the Corporate Income and Franchise Tax Act [N.M. Stat. Ann. Chapter 7, Article 2A] 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.