Deduction; gross receipts tax; certain organization fundraisers.

1. Law
2. New Mexico Statutes
3. Taxation
4. Gross Receipts and Compensating Tax
5. Deduction; gross receipts tax; certain organization fundraisers.

Receipts from not more than two fundraising events annually conducted by an organization that is exempt from the federal income tax as an organization described in Section 501(c), other than an organization described in Section 501(c)(3), of the United States Internal Revenue Code of 1986, as amended may be deducted from gross receipts.

History: Laws 1994, ch. 43, § 1.

ANNOTATIONS

Effective dates. — Laws 1994, ch. 43, § 2 made Laws 1994, ch. 43, § 1 effective July 1, 1994.

Cross references. — For Section 501 of the Internal Revenue Code, see 26 U.S.C. § 501.

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