Section 7-5-2 - Election of alternative tax. - New-mexico Statutes

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Statutes > New-mexico > Chapter-7 > Article-5 > Section-7-5-2

7-5-2. Election of alternative tax.

Any person:

A. who is required by the Income Tax Act [7-2-1 NMSA 1978] or the Corporate Income and Franchise Tax Act [7-2A-1 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.

State Codes and Statutes

Statutes > New-mexico > Chapter-7 > Article-5 > Section-7-5-2

7-5-2. Election of alternative tax.

Any person:

A. who is required by the Income Tax Act [7-2-1 NMSA 1978] or the Corporate Income and Franchise Tax Act [7-2A-1 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.

State Codes and Statutes

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State Codes and Statutes

Statutes > New-mexico > Chapter-7 > Article-5 > Section-7-5-2

7-5-2. Election of alternative tax.

Any person:

A. who is required by the Income Tax Act [7-2-1 NMSA 1978] or the Corporate Income and Franchise Tax Act [7-2A-1 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.