reglab/housing_qa huggingface dataset:
NM Stat § 7-2-32 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2 - Income Tax General Provisions|Section 7-2-32 - Deduction-payments into education trust fund.

A taxpayer may claim a deduction from net income in an amount equal to the payments made by the taxpayer into the education trust fund pursuant to a college investment agreement or prepaid tuition contract under the Education Trust Act [Chapter 21, Article 21K NMSA 1978] in the taxable year for which the deduction is being claimed. The amount of payments made on behalf of any one beneficiary that may be deducted shall not exceed in the aggregate the cost of attendance at the applicable institution of higher education, as determined by the education trust board. A husband and wife who file separate returns for the taxable year in which they could have filed a joint return may each claim only one-half of the deduction that would have been allowed on the joint return. Individuals having income both within and without this state shall apportion this deduction in accordance with regulations of the secretary. History: Laws 1997, ch. 259, § 8. ANNOTATIONSEffective dates. — Laws 1997, ch. 259 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 20, 1997, 90 days after the adjournment of the legislature.
NM Stat § 7-2-33 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2 - Income Tax General Provisions|Section 7-2-33 - Repealed.

ANNOTATIONSRepeals. — Laws 2003, ch. 275, § 6 repealed 7-2-33 NMSA 1978, as enacted by Laws 1997, ch. 259, § 9, relating to education trust fund; earnings tax exempt; withdrawals are taxable income; authority to withhold tax, effective June 20, 2003. For provisions of former section, see the 2002 NMSA 1978 on NMOneSource.com.
NM Stat § 7-2-34 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2 - Income Tax General Provisions|Section 7-2-34 - Deduction; net capital gain income.

A. Except as provided in Subsection C of this section, a taxpayer may claim a deduction from net income in an amount equal to the greater of:(1) the taxpayer's net capital gain income for the taxable year for which the deduction is being claimed, but not to exceed one thousand dollars ($1,000); or(2) forty percent of the taxpayer's net capital gain income for the taxable year for which the deduction is being claimed.B. Married individuals who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the deduction provided by this section that would have been allowed on the joint return.C. A taxpayer may not claim the deduction provided in Subsection A of this section if the taxpayer has claimed the credit provided in Section 7-2D-8.1 NMSA 1978.D. As used in this section, "net capital gain" means "net capital gain" as defined in Section 1222 (11) of the Internal Revenue Code.History: Laws 1999, ch. 205, § 1; 2003, ch. 2, § 7; 2019, ch. 270, § 14. ANNOTATIONSCross references. — For Section 1222(11) of the Internal Revenue Code, see 26 U.S.C. § 1222. The 2019 amendment, effective June 14, 2019, reduced the capital gains deduction from fifty percent to forty percent of the taxpayer's net capital gain income for the taxable year for which the deduction is being claimed; in Subsection A, Paragraph A(2), deleted "the following percentage" and added "forty percent", and deleted former Subparagraphs A(2)(a) through A(2)(e); and in Subsection B, deleted "A husband and wife" and added "Married individuals".Temporary provisions. — Laws 2019, ch. 270, § 55, provided that a taxpayer who paid income tax for taxable year 2019 in installments through withholding or estimated tax payments pursuant to Section 7-2-12.2 NMSA 1978 but underpaid due to the changes made to Section 7-2-34 NMSA 1978 pursuant to this act shall not be subject to penalties and interest provisions of the Tax Administration Act for the underpayment; provided that the underpayment is solely attributable to the changes made to Section 7-2-34 NMSA 1978 pursuant to this act.Applicability. — Laws 2019, ch. 270, § 59 provided the provisions of Laws 2019, ch. 270, § 14 apply to taxable years beginning on or after January 1, 2019.The 2003 amendment, effective June 20, 2003, in Subsection A, inserted "the greater of:" and the end, added the Paragraph A(1) designation, added Paragraph A(2); added the Subsection B designation and redesignated the remaining subsections accordingly.
NM Stat § 7-2-35 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2 - Income Tax General Provisions|Section 7-2-35 - Deleted.

History: Laws 2000 (2nd S.S.), ch. 7, § 1. ANNOTATIONSCompiler's notes. — Laws 2000 (2nd S.S.), ch. 7, § 3 provided that the provisions of Laws 2000 (2nd S.S.), ch. 7, § 1 "shall not become effective unless Senate Bill 33 or similar bill of the second special session of the forty-fourth legislature is enacted into law and the General Appropriation Act of 2000 passed by the second special session of the forty-fourth legislature and enacted into law includes an appropriation of four million nine hundred seventy-five thousand dollars ($4,975,000) for the sole purpose of implementing an amendment to the state medicaid plan making eligible an individual who is the parent of a child under nineteen years of age who resides with that parent and whose family income does not exceed sixty percent of the federal poverty guidelines." Senate Bill 33, referred to above, was vetoed by the governor. The appropriation of $4,975,000, referred to above, was in Laws 2000 (2nd S.S.), ch. 5, but was line item vetoed by the governor. Therefore, Section 7-2-35 NMSA 1978 failed to become effective and was deleted by the compiler.
NM Stat § 7-2-36 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2 - Income Tax General Provisions|Section 7-2-36 - Deduction; expenses related to organ donation.

A. A taxpayer may claim a deduction from net income in an amount not to exceed ten thousand dollars ($10,000) of organ donation-related expenses, including lost wages, lodging expenses and travel expenses, incurred during the taxable year by the taxpayer or the taxpayer's dependent as a result of the taxpayer's or dependent's donation of a human organ to another person for transfer of that human organ to the body of another person. B. A husband and wife who file separate returns for a taxable year in which they could have filed a joint return may each claim only one-half of the deduction provided by this section that would have been allowed on a joint return. C. For the purposes of this section: (1) "dependent" means "dependent" as defined by Section 152 of the Internal Revenue Code, as that section may be amended or renumbered; and (2) "human organ" means all or part of a heart, liver, pancreas, kidney, intestine, lung or bone marrow. History: Laws 2005, ch. 113, § 1. ANNOTATIONSCross references. — For the Internal Revenue Code, see 26 U.S.C. Sections 1 et seq. Effective dates. — Laws 2005, ch. 113 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 17, 2005, 90 days after adjournment of the legislature. Applicability. — Laws 2005, ch. 113, § 2 provided that Laws 2005, ch. 113 , § 1 apply to taxable years beginning on or after January 1, 2005.
NM Stat § 7-2-39 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2 - Income Tax General Provisions|Section 7-2-39 - Deduction from net income for certain dependents.

A. As long as the exemption amount pursuant to Section 151 of the Internal Revenue Code means zero, a taxpayer who is not a dependent of another individual and files a return as a head of household or married filing jointly may claim a deduction from net income in an amount equal to the product of four thousand dollars ($4,000) multiplied by the difference between the number of dependents claimed on the taxpayer's return and one.B. A taxpayer allowed a deduction pursuant to this section shall report the amount of the deduction to the department in a manner required by the department.C. The department shall compile an annual report on the deduction provided by this section that shall include the number of taxpayers that claimed the deduction, the aggregate amount of deductions claimed and any other information necessary to evaluate the effectiveness of the deduction. The department shall present the annual report to the revenue stabilization and tax policy committee and the legislative finance committee with an analysis of the cost of the deduction.D. As used in this section, "dependent" means "dependent" as defined in Section 152 of the Internal Revenue Code.History: Laws 2019, ch. 270, § 15. ANNOTATIONSCross references. — For Sections 151 and 152 of the Internal Revenue Code, see 26 U.S.C. §§ 151 and 152 respectively.Effective dates. — Laws 2019, ch. 270 contained no effective date provision for Laws 2019, ch. 270, § 15, but, pursuant to N.M. Const., art. IV, § 23, was effective June 14, 2019, 90 days after adjournment of the legislature. Applicability. — Laws 2019, ch. 270, § 59 provided that Laws 2019, ch. 270, § 15 apply to taxable years beginning on or after January 1, 2019.
NM Stat § 7-2A-1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-1 - Short title.

Chapter 7, Article 2A NMSA 1978 may be cited as the "Corporate Income and Franchise Tax Act". History: 1978 Comp., § 7-2A-1, enacted by Laws 1981, ch. 37, § 34; 1986, ch. 20, § 32. ANNOTATIONSLaw reviews. — For article, "New Mexico Taxes: Taking Another Look," see 32 N.M.L. Rev. 351 (2002). Am. Jur. 2d, A.L.R. and C.J.S. references. — Decision to take foreign income taxes as federal credit under § 901 of the Internal Revenue Code (26 USCS § 901) as precluding their deduction for state income tax purposes, 77 A.L.R.4th 823.
NM Stat § 7-2A-5 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-5 - Corporate income tax rates.

The corporate income tax imposed on corporations by Section 7-2A-3 NMSA 1978 shall be: || If the taxable income is:   The tax shall be:  || Not over $500,000   4.8% of taxable income  || Over $500,000   $24,000 plus 5.9% of excess over $500,000.  |History: 1978 Comp., § 7-2A-5, enacted by Laws 1981, ch. 37, § 38; 1981, ch. 176, § 1; 1983, ch. 213, § 8; 1986, ch. 20, § 36; 1987, ch. 277, § 5; 2013, ch. 160, § 3; 2019, ch. 270, § 18. ANNOTATIONSThe 2019 amendment, effective January 1, 2020, revised corporate income tax rates and corporate income tax brackets; in the introductory clause, after "shall be:", deleted "at the rates specified in the following tables:"; deleted former Subsections A through E, subsection designation "F." and the language "for taxable years beginning on or after January 1, 2018"; and preceding each occurrence of "income", deleted "net" and added "taxable".Applicability. — Laws 2019, ch. 270, § 59 provided that the provisions of Sections 16 through 22 and 58 of Laws 2019, ch. 270 apply to taxable years beginning on or after January 1, 2020.The 2013 amendment, effective January 1, 2014, decreased certain corporate income tax rates over five years; in Subsection A, added the introductory sentence; and added Subsections B through F. Use of federal tax code and regulations. — New Mexico income taxation law does not adopt directly the Internal Revenue Code and Treasury Regulations, but does permit New Mexico taxpayers to enjoy the benefits of their election to use accelerated depreciation methodologies in calculating federal taxable income. In re Rates and Charges of Mountain States Tel. & Tel. Co. v. N.M. State Corp. Comm'n, 1986-NMSC-019, 104 N.M. 36, 715 P.2d 1332.Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation § 469. 85 C.J.S. Taxation § 1698.
NM Stat § 7-2A-5.1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-5.1 - Corporate franchise tax amount.

The corporate franchise tax amount imposed on a corporation by Section 7-2A-3 NMSA 1978 shall be fifty dollars ($50.00) per taxable year or any fraction thereof. History: Laws 1986, ch. 20, § 37; 1992, ch. 78, § 3. ANNOTATIONSThe 1992 amendment, effective May 20, 1992, added "or any fraction thereof" at the end of the section. Computation. — The tax provided by the former section was a franchise tax, since neither the property nor the capital stock of the corporation is taxed. Values of property and gross receipts are used as factors to determine the number of shares of the corporate stock that measures the tax. Southern Pac. Co. v. State Corp. Comm'n, 1937-NMSC-059, 41 N.M. 556, 72 P.2d 15.
NM Stat § 7-2A-6 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-6 - Tax computation; alternative method.

For those taxpayers who do not compute an amount upon which the federal income tax is calculated or who do not compute their federal income tax payable for the taxable year, the secretary shall prescribe such regulations or instructions as he may deem necessary to enable them to compute their corporate income tax due. History: 1978 Comp., § 7-2A-6, enacted by Laws 1981, ch. 37, § 39; 1986, ch. 20, § 38. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 85 C.J.S. Taxation § 1756 to 1759.
NM Stat § 7-2A-7 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-7 - Taxes applied to corporations on federal areas.

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. ANNOTATIONSCross 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.
NM Stat § 7-2A-8 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-8 - Repealed.

History: 1978 Comp., § 7-2A-8, enacted by Laws 1981, ch. 37, § 41; 1983, ch. 213, § 9; 1986, ch. 20, § 40; 1990, ch. 49, § 12; 1995, ch. 11, § 6; 1996, ch. 16, § 2; repealed by Laws 2019, ch. 270, § 58. ANNOTATIONSRepeals. — Laws 2019, ch. 270, § 58 repealed 7-2A-8 NMSA 1978, as enacted by Laws 1981, ch. 37, § 41, relating to credit, income allocation and apportionment, effective January 1, 2020. For provisions of former section, see 2019 NMSA 1978 on NMOneSource.com.
NM Stat § 7-2A-8.1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-8.1 - Repealed.

ANNOTATIONSRepeals. — Laws 1990, ch. 49, § 22 repealed 7-2A-8.1 NMSA 1978, as enacted by Laws 1983, ch. 213, § 10, relating to credit for solar or wind energy equipment installation, effective January 1, 1993. For provisions of former section, see the 1992 NMSA 1978 on NMOneSource.com.
NM Stat § 7-2A-8.2 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-8.2 - Repealed.

ANNOTATIONSRepeals. — Laws 1990, ch. 49, § 21 repealed 7-2A-8.2 NMSA 1978, as enacted by Laws 1983, ch. 213, § 11, relating to tax credits for solar capital investments, effective January 1, 1991. For provisions of former section, see the 1990 NMSA 1978 on NMOneSource.com.
NM Stat § 7-2A-8.3 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-8.3 - Combined and consolidated returns.

A. Corporations that are part of a unitary group shall file a return properly reporting and paying tax on taxable income as a worldwide combined group unless they properly elect to report and pay tax on taxable income as a water's-edge or consolidated group, pursuant to department rules and instructions, on the first original return required to be filed for taxable years beginning on or after January 1, 2020. Corporations electing to file a consolidated return must file on that same basis for federal income tax purposes. Once a unitary or consolidated group has properly made an election to file as a water's-edge or consolidated group, the group and any of the group's members shall file a return on that basis for at least seven consecutive years unless the secretary grants permission otherwise. Corporations that are part of a unitary group filing a return are jointly and severally liable for the tax imposed pursuant to the Corporate Income and Franchise Tax Act on taxable income.B. Corporations required to file a return as part of a filing group pursuant to this section may designate a member of the group to act as the principal corporation to file the return, make any elections, claim tax credits or refunds or perform any other act on behalf of the group with respect to the corporate income tax; provided that the members of the group remain jointly and severally liable for the taxes due pursuant to Subsection A of this section.History: 1978 Comp., § 7-2A-8.3, enacted by Laws 1983, ch. 213, § 12; 1986, ch. 20, § 43; 1993, ch. 307, § 4; 1993, ch. 309, § 2; 2013, ch. 160, § 4; 2019, ch. 270, § 19. ANNOTATIONSThe 2019 amendment, effective January 1, 2020, completely rewrote the section; in the section heading, added "and consolidated"; and deleted former Subsections A through D and added new Subsections A and B. Applicability. — Laws 2019, ch. 270, § 59 provided that the provisions of Sections 16 through 22 and 58 of Laws 2019, ch. 270 apply to taxable years beginning on or after January 1, 2020.The 2013 amendment, effective July 1, 2013, required combined reporting for certain unitary corporations with a retail facility of more than thirty thousand square feet but that do not have nonretail facilities that employ at least seven hundred fifty employees; in the first sentence, after "combined net income were that of one corporation", added the remainder of the sentence; and added Subsection D. The 1993 amendment, effective June 18, 1993, rewrote this section to the extent that a detailed comparison was impracticable.
NM Stat § 7-2A-8.4 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-8.4 - Repealed.

History: 1978 Comp., § 7-2A-8.4, enacted by Laws 1983, ch. 213, § 13; 1986, ch. 20, § 44; 1993, ch. 307, § 5; 1993, ch. 309, § 3; repealed by Laws 2019, ch. 270, § 58. ANNOTATIONSRepeals. — Laws 2019, ch. 270, § 58 repealed 7-2A-8.4 NMSA 1978, as enacted by Laws 1983, ch. 213, § 13, relating to consolidated returns, effective January 1, 2020. For provisions of former section, see the 2019 NMSA 1978 on NMOneSource.com.
NM Stat § 7-2A-8.5 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-8.5 - Repealed.

ANNOTATIONSRepeals. — Laws 1990, ch. 49, § 23 repealed 7-2A-8.5 NMSA 1978, as enacted by Laws 1983, ch. 212, § 2, relating to corporate income tax credit for geothermal capital investment, effective January 1, 1996.
NM Stat § 7-2A-8.7 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-8.7 - Repealed.

ANNOTATIONSRepeals. — Laws 1994, ch. 10, § 1, repealed 7-2A-8.7 NMSA 1978, as enacted by Laws 1993, ch. 309, § 4, relating to a temporary surcharge on certain returns, effective February 15, 1994. For provisions of former section, see the 1993 NMSA 1978 on NMOneSource.com.
NM Stat § 7-2A-9.2 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-9.2 - Limitation on claiming of credits and tax rebates.

A credit or tax rebate provided in the Corporate Income and Franchise Tax Act that is claimed shall be disallowed if the claim for the credit or tax rebate was first made after the end of the third calendar year following the calendar year in which the return upon which the credit or rebate was first claimable was initially due. History: 1978 Comp., § 7-2A-9.2, enacted by Laws 1990, ch. 23, § 2. ANNOTATIONSEffective dates. — Laws 1990, ch. 23 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 16, 1990, 90 days after the adjournment of the legislature.
NM Stat § 7-2A-10 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-10 - Information returns.

A. Pursuant to regulation, the secretary may require any person doing business in this state and making payments in the course of business to another person to file information returns with the department. B. The provisions of this section also apply to payments made by the state of New Mexico, by the governing bodies of any political subdivision of the state of New Mexico, by any agency, department or instrumentality of the state or of any political subdivision thereof and, to the extent permitted by law or pursuant to any agreement entered into by the secretary, to payments made by any other governmental body or by an agency, department or instrumentality thereof. History: 1978 Comp., § 7-2A-10, enacted by Laws 1981, ch. 37, § 43; 1983, ch. 213, § 14; 1986, ch. 20, § 48. ANNOTATIONSAm. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation § 589. 85 C.J.S. Taxation §§ 1699, 1777 et seq.
NM Stat § 7-2A-11 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-11 - Accounting methods.

A taxpayer shall use the same accounting methods for reporting income for corporate income tax purposes as are used in reporting income for federal income tax purposes. History: 1978 Comp., § 7-2A-11, enacted by Laws 1981, ch. 37, § 44; 1986, ch. 20, § 49. ANNOTATIONSCross references. — For deduction of accounting services from gross receipts by corporations, see 7-9-69 NMSA 1978. Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 578, 579. 85 C.J.S. Taxation § 1699.
NM Stat § 7-2A-12 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-12 - Fiscal years permitted.

Any corporation which files income tax returns under the Internal Revenue Code on the basis of a fiscal year shall report income under the Corporate Income and Franchise Tax Act on the same basis. History: 1978 Comp., § 7-2A-12, enacted by Laws 1981, ch. 37, § 45; 1986, ch. 20, § 50. ANNOTATIONSCross references. For the Internal Revenue Code, see 26 U.S.C. § 1 et seq. Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 578 to 586. 85 C.J.S. Taxation § 1697.
NM Stat § 7-2A-13 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-13 - Administration.

The Corporate Income and Franchise Tax Act shall be administered pursuant to the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978]. History: 1978 Comp., § 7-2A-13, enacted by Laws 1981, ch. 37, § 46; 1986, ch. 20, § 51.
NM Stat § 7-2A-17 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 2A - Corporate Income and Franchise Tax|Section 7-2A-17 - Repealed.

ANNOTATIONSRepeals. — Laws 1999, ch. 217, § 4 repealed 7-2A-17 NMSA 1978, as enacted by Laws 1999, ch. 217, § 2, relating to the job mentorship tax credit, effective January 1, 2002. For provisions of former section, see the 1998 NMSA 1978 on NMOneSource.com. Compiler's notes. — For possible carry forward of credit after repeal of section, see temporary provisions note under this section on the 1998 NMSA 1978 on NMOneSource.com.