Imposition of tax; tax rate; tax in lieu of property taxes
Known as the Railroad Car Company Tax Act
The act spans §§ 7–7 (7 sections).
1978 Comp., § 7-11-3, enacted by Laws 1982, ch. 18, § 19; 1987, ch. 108, § 1; 1997, ch. 92, § 1.
A. There is imposed on the gross earnings of each organization for the 1996 and subsequent calendar years a tax of one and one-half percent.
B. The tax imposed in Subsection A of this section is in lieu of all property taxes on railway cars owned by an organization.
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.