Chapter 7, Article 11 NMSA 1978 may be cited as the “Railroad Car Company Tax Act”. History: 1978 Comp., § 7-11-1, enacted by Laws 1982, ch. 18, § 17. ANNOTATIONS Repeals and reenactments. — Laws 1982, ch. 18, § 17, repealed former 7-11-1 NMSA 1978, relating to definitions, and enacted a new section. For present […]
As used in the Railroad Car Company Tax Act: A. “department” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; B. “gross earnings” means the total income received from all sources by an organization from the […]
A. There is imposed on the gross earnings of each organization for the 1996 and subsequent calendar years a tax of one and one-half percent. B. The tax imposed in Subsection A of this section is in lieu of all property taxes on railway cars owned by an organization. History: 1978 Comp., § 7-11-3, enacted […]
A. For the purpose of taxation, any railway car owned by an organization and used exclusively within this state or used partially within and partially without this state has situs within this state. B. The term “gross earnings” shall be construed to mean all earnings on business beginning and ending within this state and on […]
Every railroad company using or leasing the railway cars of any organization, upon making payment to such organization for the use or lease of railway cars, shall withhold from such payment an amount equal to the product of the tax rate specified in Subsection A of Section 7-11-3 NMSA 1978 multiplied by the gross earnings. […]
Every organization is liable for any difference between an amount equal to the product of the tax rate specified in Subsection A of Section 7-11-3 NMSA 1978 multiplied by its gross earnings and the sum of withheld taxes remitted for that organization by one or more railroad companies for that year. History: 1978 Comp., § […]
ANNOTATIONS Repeals. — Laws 1982, ch. 18, § 27, repealed 7-11-7 to 7-11-12 NMSA 1978, relating to imposition of tax upon railroad car companies or similar organizations, penalties for failure to pay tax and limitations on opportunity to contest tax determinations, effective July 1, 1982.
