No, as an insurance company or reciprocal or underinsurance exchange that already pays a premium tax to New Mexico, you are exempt.
Are insurance companies required to file a New Mexico Corporate Income Tax (CIT) return?
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Corporate Income and Franchise Tax
Are 501(c) Homeowners Associations required to file a New Mexico CIT return?
No, as a 501(c) Homeowners Association, you are not required to file a New Mexico CIT return unless you have unrelated business income at the federal level. In that case you are required to file a CIT return and pay Corporate Income and Franchise tax.
How does New Mexico treat S Corporations and Qualified Subchapter S Subsidiaries (QSSSs) that file a New Mexico CIT return?
New Mexico follows federal practice. If QSSSs are reported in the parent’s CIT return, New Mexico accepts a return on the same basis. The return is the “election.” No separate election is necessary. Note: Each corporation included on the...
When is an entity responsible for filing and paying franchise tax?
If the entity, a C or S Corporation, exercises its franchise in New Mexico during the tax year, it is responsible for filing and paying franchise tax. The entity must be registered with the Taxation and Revenue Department or with the Secretary of State, Corporations...
If a corporation was a C corporation in the previous year and elects federal S status, does it automatically become a New Mexico S corporation for tax in the current year?
Yes, provided the IRS granted the election. Please provide a copy of the approved election when filing the S corporation return.