ALBUQUERQUE, N.M. - Three years after the state's Department of Taxation and Revenue issued a regulatory change that revoked the sales tax deduction for state-chartered credit unions, Gov. Gary Johnson signed into law legislation that will restore the sales tax deduction for New Mexico's 26 state-chartered credit unions, effective July 1. Senate Bill 98-"An Act Relating to Taxation; Providing a Deduction for Receipts from Sales to Certain Credit Unions"-sponsored by state Sen. Carlos Cisneros (D-Questa) allows for receipts from selling tangible personal property by state-chartered credit unions to be deductible "to the same extent that receipts from the sale of tangible personal property to federal credit unions may be deducted..." According to the state Taxation and Revenue Department, the estimated impact of the CU tax relief on the state's revenue in fiscal year 2001 is estimated will be between $78-$126,000.
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From the March-22, 2000 issue of Credit Union Times Magazine • Subscribe!
New Mexico legislature restores state-chartered CUs' sales tax relief
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