Imposition of tax; tax rate; tax in lieu of property taxes.

  1. Law
  2. New Mexico Statutes
  3. Taxation
  4. Railroad Car Company Tax
  5. Imposition of tax; tax rate; tax in lieu of property taxes.

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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 by Laws 1982, ch. 18, § 19; 1987, ch. 108, § 1; 1997, ch. 92, § 1.

ANNOTATIONS

The 1997 amendment, effective April 8, 1997, in Subsection A, substituted "1996" for "1987" and "one and one-half percent" for "three and one-half percent".

Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 127, 291, 392 to 395, 399, 402, 405, 427, 438.


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