The state covenants with the purchasers and all subsequent holders and transferees of lease-purchase arrangements entered into by the local school boards, in consideration of the acceptance of and payment for the lease-purchase arrangements entered into pursuant to [the Education] Technology Equipment Act , that lease-purchase arrangements and the income from the lease-purchase arrangements shall at all times be free from taxation by the state, except for estate or gift taxes and taxes on transfers.
History: Laws 1997, ch. 193, § 13.
Bracketed material. — The bracketed material was inserted by the compiler and is not a part of the law.
Structure 2021 New Mexico Statutes
Article 15A - Education Technology Equipment
Section 6-15A-1 - Short title.
Section 6-15A-3 - Definitions.
Section 6-15A-4 - Notice of proposed lease-purchase arrangements.
Section 6-15A-6 - Tax levy for payment of lease-purchase agreement.
Section 6-15A-7 - Lease-purchase arrangements; terms.
Section 6-15A-9 - Publication of notice; validation; limitation of action.
Section 6-15A-10 - Refunding or refinancing lease-purchase arrangements.
Section 6-15A-11 - Agreement of the state.
Section 6-15A-12 - Legal investments for public officers and fiduciaries.
Section 6-15A-13 - Tax exemption.
Section 6-15A-14 - Cumulative and complete authority.
Section 6-15A-15 - Liberal interpretation.
Section 6-15A-16 - Severability.
Section 6-15A-17 - Charter schools; receipt of education technology equipment.