N.M. Admin. Code § 3.2.239.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 3.2.239.8 - CERTAIN ORGANIZATIONS NOT ELIGIBLE FOR DEDUCTION - "ORGANIZATION" DEFINED

A. No organization described in Section 501(c)(3) of the Internal Revenue Code may claim the deduction provided by Section 7-9-85 NMSA 1978 but the receipts of 501(c)(3) organizations, except for unrelated business income, are exempt from gross receipts tax under Section 7-9-29 NMSA 1978.

B. As used in Part 3.2.239 NMAC, "organization" means:

(1) any organization described in Section 501(c) of the Internal Revenue Code, other than organizations described in Section 501(c)(3); and

(2) any officially recognized chapter, lodge or similar affiliate of an organization described in Paragraph (1) of Subsection B of Section 3.2.239.8 NMAC of this section.

N.M. Admin. Code § 3.2.239.8

3/16/95, 11/15/96; 3.2.239.8 NMAC - Rn, 3 NMAC 2.85.8 & A, 6/14/01