N.M. Code R. § 3.2.10.21 – Federal Preemption and State Exemption - Credit Unions

A. 12 U.S.C. 1768 exempts federal credit unions from state taxation, other than property taxation. Accordingly, the use of property in New Mexico by federal credit unions is exempt from compensating tax.
B. Section 58-11-61 NMSA 1978 exempts from state taxation credit unions organized under or subject to the Credit Union Regulatory Act to the same extent that the credit unions chartered under federal law are exempt. Therefore the use of property in New Mexico by credit unions organized under or subject to the Credit Union Regulatory Act is exempt from compensating tax.
[5/31/1997, 3.2.10.21 NMAC - Rn & A, 3 NMAC 2.7.21, 4/30/2001]