To the extent permitted by law, no corporation shall be relieved from liability for corporate income tax or corporate franchise tax by reason of receiving income from transactions occurring or work or services performed within a federal area.
History: 1978 Comp., § 7-2A-7, enacted by Laws 1981, ch. 37, § 40; 1986, ch. 20, § 39.
Cross references. — For other taxes applicable in federal areas, see 19-2-5 NMSA 1978.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation § 228.
84 C.J.S. Taxation § 292.
Structure New Mexico Statutes
Article 2A - Corporate Income and Franchise Tax
Section 7-2A-3 - Imposition and levy of taxes.
Section 7-2A-5 - Corporate income tax rates.
Section 7-2A-5.1 - Corporate franchise tax amount.
Section 7-2A-6 - Tax computation; alternative method.
Section 7-2A-7 - Taxes applied to corporations on federal areas.
Section 7-2A-8.3 - Combined and consolidated returns.
Section 7-2A-8.6 - Credit for preservation of cultural property; corporate income tax credit.
Section 7-2A-8.8 - Welfare-to-work tax credit.
Section 7-2A-8.9 - Tax credit; certain conveyances of real property.
Section 7-2A-9 - Taxpayer returns; payment of tax.
Section 7-2A-9.1 - Estimated tax due; payment of estimated tax; penalty; exemption.
Section 7-2A-9.2 - Limitation on claiming of credits and tax rebates.
Section 7-2A-10 - Information returns.
Section 7-2A-11 - Accounting methods.
Section 7-2A-12 - Fiscal years permitted.
Section 7-2A-13 - Administration.
Section 7-2A-14 - Corporate-supported child care; credits allowed.
Section 7-2A-15 - Qualified business facility rehabilitation credit; corporate income tax credit.
Section 7-2A-16 - Intergovernmental business tax credit.
Section 7-2A-17.1 - Job mentorship tax credit.
Section 7-2A-18 - Credit; certain electronic equipment.
Section 7-2A-21 - Sustainable building tax credit.
Section 7-2A-23 - Credit; blended biodiesel fuel.
Section 7-2A-24 - Geothermal ground-coupled heat pump tax credit.
Section 7-2A-25 - Advanced energy corporate income tax credit.
Section 7-2A-26 - Agricultural biomass corporate income tax credit.
Section 7-2A-27 - Veteran employment tax credit.
Section 7-2A-28 - 2015 sustainable building tax credit.
Section 7-2A-28.1 - 2021 sustainable building tax credit.
Section 7-2A-29 - Foster youth employment corporate income tax credit.
Section 7-2A-31 - Deduction; income from leasing a liquor license.