New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 219 - DEDUCTION - GROSS RECEIPTS TAX - CERTAIN LOAN CHARGES
Section 3.2.219.9 - CERTAIN CHARGES ARE DEDUCTIBLE
Universal Citation: 3 NM Admin Code 3.2.219.9
Current through Register Vol. 35, No. 18, September 24, 2024
A. A charge by a bank or other financial institution with respect to an honored commitment (using funds other than the depositor's to cover an overdraft) are charges made in connection with the origination, making or assumption of a loan and are deductible under Section 7-9-61.1 NMSA 1978.
B. An overdraft protection fee charged by a bank or other financial institution is equivalent to a fee for maintaining a line of credit. The overdraft protection fee is a charge made in connection with the origination, making or assumption of a loan and is deductible under Section 7-9-61.1 NMSA 1978.
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