The bonds authorized by the Municipal Mortgage Finance Act and the income from the bonds shall be exempt from all taxation by the state or any political subdivision thereof, subject to the provisions of the Banking and Financial Corporations Tax Act.
History: Laws 1979, ch. 381, § 11.
Compiler's notes. — The Banking and Financial Corporations Tax Act, referred to in this section, was compiled as 7-6-1 NMSA 1978 et seq., and was repealed by Laws 1981, ch. 37, § 97. For present provisions, see the Corporate Income and Franchise Tax Act, 7-2A-1 NMSA 1978.
Structure New Mexico Statutes
Chapter 58 - Financial Institutions and Regulations
Article 18A - Municipal Mortgage Finance
Section 58-18A-1 - Short title.
Section 58-18A-2 - Finding and declaration of necessity.
Section 58-18A-3 - Definitions.
Section 58-18A-5 - Agreement establishing area of operation of issuer.
Section 58-18A-7 - Provisions of bonds and trust indentures.
Section 58-18A-8 - Residential mortgage revenue bonds; legal investments; security; negotiability.
Section 58-18A-9 - Power supplemental.
Section 58-18A-10 - Investment of funds.