The property factor is a fraction, the numerator of which is the average value of the taxpayer's real and tangible personal property owned or rented and used in this state during the tax period and the denominator of which is the average value of all the taxpayer's real and tangible personal property owned or rented and used during the tax period.
§ 7-4-11 NMSA 1978
Property factor for apportionment of business income
Known as the Uniform Division of Income for Tax Purposes Act
The act spans §§ 7–7 (21 sections).
Applied in 1 court decision — leading case Brunswick Corp. v. Director, Div. of Taxation (1994)
Most recently applied in Brunswick Corp. v. Director, Div. of Taxation (March 1994)
1953 Comp., § 72-15A-26, enacted by Laws 1965, ch. 203, § 11.
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.