New Mexico Administrative Code
Title 3 - TAXATION
Chapter 5 - UNIFORM DIVISION OF INCOME FOR TAX PURPOSES
Part 4 - WHEN TAXABLE IN ANOTHER STATE
Section 3.5.4.8 - TAXABLE IN ANOTHER STATE - IN GENERAL
Current through Register Vol. 35, No. 18, September 24, 2024
A taxpayer's income from business activity is taxable without this state if such taxpayer, by reason of such business activity, is taxable in another state within the meaning of Section 7-4-4 NMSA 1978. A taxpayer is taxable within another state if it meets either one of two tests:
A. if by reason of business activity in another state the taxpayer is subject to one of the types of taxes specified in Subsection A of Section 7-4-4 NMSA 1978, namely: a net income tax, a franchise tax measured by net income, a franchise tax for the privilege of doing business or a corporate stock tax; or
B. if by reason of such business activity another state has jurisdiction to subject the taxpayer to a net income tax, regardless of whether or not the state imposes such a tax on a taxpayer.
