New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 117 - EXEMPTION - GROSS RECEIPTS TAX - CERTAIN ORGANIZATIONS
Section 3.2.117.8 - RECEIPTS OF 501(c)(3) ORGANIZATIONS AFTER JULY 1, 1970

Receipts of organizations which demonstrate to the department that they have been granted an exemption from federal income tax as an organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, Section 501(c)(3) of the U.S. Internal Revenue Code of 1954 or Section 101(6) of the U.S. Internal Revenue Code of 1939 are exempt from the gross receipts tax regardless of their source, unless the receipts are derived from an unrelated trade or business as defined in Section 513 of the Internal Revenue Code of 1986, Section 513 of the United States Internal Revenue Code of 1954 or Section 422(b) of the United States Internal Revenue Code of 1939.