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

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.