New Mexico Statutes 7-5A-3. Definitions
As used in the Streamlined Sales and Use Tax Administration Act:
Terms Used In New Mexico Statutes 7-5A-3
- 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.
- Fiduciary: A trustee, executor, or administrator.
- 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.
- 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.
A. “agreement” means the streamlined sales and use tax agreement;
to:
B. “certified automated system” means software certified jointly by member states (1) calculate the sales tax imposed by each jurisdiction on a transaction; (2) determine the amount of tax to remit to the appropriate state; and
(3) maintain a record of the transaction;
C. “certified service provider” means an agent that performs all of the sales tax functions of a seller and that is certified jointly by member states to perform all of the sales tax functions of the seller;
D. “member state” means a state of the United States that enters into the agreement with another state and the District of Columbia if it enters into the agreement with another state;
E. “person” means an individual, trust, estate, fiduciary, partnership, limited liability company, limited liability partnership, corporation and any other legal entity;
F. “sales tax” means the gross receipts tax levied pursuant to the Gross Receipts and Compensating Tax Act [N.M. Stat. Ann. Chapter 7, Article 9] or a tax imposed by a state on the sale of goods or services;
G. “seller” means a person making sales, leases and rentals of personal property and services; and
H. “use tax” means the compensating tax levied pursuant to the Gross Receipts and Compensating Tax Act.