New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 219 - DEDUCTION - GROSS RECEIPTS TAX - CERTAIN LOAN CHARGES
Section 3.2.219.10 - CERTAIN CHARGES ARE NOT DEDUCTIBLE

A. Fees charged by a bank or other financial institution from transfering funds from one account of a depositor to another of that same depositor are not charges made in connection with the origination, making or assumption of a loan, even if the transfer is made to cover an overdraft in one of the accounts. Such charges are not deductible under Section 7-9-61.1 NMSA 1978.

B. If a bank or other financial institution does not honor a check or other instrument when presented because insufficient funds are in the account or accounts, any fees charged relating to the dishonoring are not deductible under Section 7-9-61.1 NMSA 1978.