{"id":6176,"date":"1998-12-17T09:41:07","date_gmt":"1998-12-17T16:41:07","guid":{"rendered":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/?p=6176"},"modified":"2020-12-22T13:30:11","modified_gmt":"2020-12-22T20:30:11","slug":"production-credit-association-of-eastern-new-mexico","status":"publish","type":"post","link":"https:\/\/www.tax.newmexico.gov\/all-nm-taxes\/1998\/12\/17\/production-credit-association-of-eastern-new-mexico\/","title":{"rendered":"Production Credit Association of Eastern New Mexico"},"content":{"rendered":"[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;section&#8221; _builder_version=&#8221;3.22&#8243;][et_pb_row admin_label=&#8221;row&#8221; _builder_version=&#8221;3.25&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;3.25&#8243; custom_padding=&#8221;|||&#8221; custom_padding__hover=&#8221;|||&#8221;][et_pb_text admin_label=&#8221;Text&#8221; _builder_version=&#8221;3.27.4&#8243; background_size=&#8221;initial&#8221; background_position=&#8221;top_left&#8221; background_repeat=&#8221;repeat&#8221;][\/et_pb_text][et_pb_text _builder_version=&#8221;4.7.0&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<div class=\"blogDateTitleContainer\">\n<div class=\"blogDateTitle\">12\/17\/1998<\/div>\n<\/div>\n<div class=\"blogItem\">\n<p><a href=\"\/businesses\/wp-content\/uploads\/sites\/9\/2020\/11\/98-58__production_credit_association_of_eastern_new_mexico.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">98-58<\/a><\/p>\n<p>The Taxpayer, a production credit association created under federal law, \u00a0protested the Department&#8217;s denial of its claims for refund of corporate income tax for tax years 1992-1996. \u00a0The Taxpayer claimed it was exempt from state income taxes because Congress has designated production credit associations \u00a0as \u00a0federal instrumentalities. \u00a0Under the Supremacy Clause of the U.S. Constitution, federal instrumentalities are immune from state taxation in the absence of congressional authorization to tax. \u00a0In the case of production credit associations, since their creation in 1933, Congress had provided that once they were no longer owned in whole or in part by the United States, that they would be subject to state income taxes. \u00a0In 1985, however, as part of some technical amendments to the Farm Credit Act, the language giving congressional permission to impose income taxes was removed from 12 U.S.C. Section 2077. \u00a0The issue was whether the general rule of immunity from state taxation for federal instrumentalities applied or whether we should determine the congressional intent behind the 1985 amendments. \u00a0Because the doctrine of immunity for federal instrumentalities is based upon an implied immunity in the absence of direction from Congress, it is appropriate to determine the congressional intent behind the 1985 amendments. \u00a0When that is done, it is clear that Congress did not understand that these amendments would create immunity from state income taxation for production credit associations. \u00a0Protest denied.\u00a0<\/p>\n<\/div>\n[\/et_pb_text][et_pb_text _builder_version=&#8221;4.6.6&#8243; _module_preset=&#8221;default&#8221;]<p><a href=\"\/all-nm-taxes\/tax-decisions-orders\/\">Back to Tax Decisions &amp; Orders<\/a><\/p>\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]","protected":false},"excerpt":{"rendered":"<p>12\/17\/1998 98-58 The Taxpayer, a production credit association created under federal law, \u00a0protested the Department&#8217;s denial of its claims for refund of corporate income tax for tax years 1992-1996. \u00a0The Taxpayer claimed it was exempt from state income taxes because Congress has designated production credit associations \u00a0as \u00a0federal instrumentalities. \u00a0Under the Supremacy Clause of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"<!-- wp:divi\/placeholder \/-->","_et_gb_content_width":"960","footnotes":""},"categories":[43],"tags":[],"class_list":["post-6176","post","type-post","status-publish","format-standard","hentry","category-tax-decisions-orders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Production 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