All New Mexico income that flows through such an entity to owners is taxable to the owners, whether the owners are New Mexico residents or not. The new form is not only to be used by S corporations but also by limited liability companies, partnerships, joint ventures, common trust funds, limited associations, pools or working agreements, or any other combination of persons or interests which are required to file federal partnership returns and which have income from New Mexico sources. See the PTE instructions for any exceptions. Exceptions to this are included in the PTE instructions. All forms and instructions can be downloaded from the Taxation and Revenue Department's web site.
Copies are also available at local state tax offices.
Tax Info .