N.M. Code R. § 3.2.4.10 – 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 receipts of federal credit unions are exempt from the gross receipts 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 credit unions chartered under federal law are exempt. Therefore receipts of credit unions organized under or subject to the Credit Union Regulatory Act are also exempt from the gross receipts tax.
[5/31/97; 3.2.4.10 NMAC - Rn & A, 3 NMAC 2.4.10, 4/30/01]