Any person:
A. who is required by the Income Tax Act [Chapter 7, Article 2 NMSA 1978] or the Corporate Income and Franchise Tax Act [Chapter 7, Article 2A NMSA 1978] 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.
History: 1953 Comp., § 72-15A-38, enacted by Laws 1967, ch. 56, § 2; 1971, ch. 20, § 4; 1981, ch. 37, § 50; 1987, ch. 277, § 6.
Cross references. — For compact provisions relating to alternative tax, see Article III 2 of 7-5-1 NMSA 1978.
Structure 2021 New Mexico Statutes
Article 5 - Multistate Tax Compact
Section 7-5-1 - Compact enacted and entered into.
Section 7-5-2 - Election of alternative tax.
Section 7-5-3 - Appointment of multistate tax commission member.
Section 7-5-4 - Alternate designated by commissioner.
Section 7-5-5 - Counsel to be designated.