Any interest charged and collected by a financial institution for extending a loan to the commission is exempt from all taxes imposed by the state and its political subdivisions.
§ 16-5-12 NMSA 1978
Tax exemption of interest charged on loan
Known as the Cumbres and Toltec Scenic Railroad Act
The act spans §§ 16–16 (14 sections).
Laws 1989, ch. 26, § 6.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.