{"data":{"id":"us-nm/7-5-2","jurisdiction":"us-nm","citation":"7-5-2","heading":"Election of alternative tax.","body":"Any person:\nA. who is required by the Income Tax Act [Chapter 7, Article 2 NMSA 1978] or the Corporate Income and Franchise Tax Act [Chapter 7, Article 2A NMSA 1978] to file a return;\nB. whose only activities in New Mexico consist of making sales;\nC. who does not own or rent real estate within the state of New Mexico; and\nD. 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.","path":["Chapter 7 - Taxation","ARTICLE 5 Multistate Tax Compact"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18507/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"f4863257553c563e5ec2692b66544fb35ce508750e8f85cf565048fd83ed6fda","source_id":"us-nm","stale":false,"prev":"us-nm/7-5-1","next":"us-nm/7-5-3"},"notice":"GroundRules: Original legal text. Not legal advice."}