Section 58-11-61 - Taxation. - New Mexico Statutes

58-11-61. Taxation.

A.     A credit union organized under or subject to the Credit Union Act [58-11-1 NMSA 1978] is exempt from taxation to the extent that a credit union chartered under federal law is exempt.   

B.     The shares of a credit union shall not be subject to stock transfer taxes, either when issued or when transferred from one member to another.   

C.     The participation by a credit union in any government program providing unemployment, social security, old age pension or other benefits shall not be deemed a waiver of the tax exemptions granted by this section.