# N.M. Stat. § 7-2-4: Exemptions

> New Mexico · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-4

## Section

- **Citation:** N.M. Stat. § 7-2-4
- **Heading:** Exemptions
- **Jurisdiction:** New Mexico
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** NM_STATUTES Code / Chapter 7 / Article 2 / Section 7-2-4

## Text

No income tax shall be imposed upon:

A. a trust organized or created in the United States and forming part of a stock bonus, pension or profit-sharing plan of an employer for the exclusive benefit of his employees or their beneficiaries, which trust is exempt from taxation under the provisions of the Internal Revenue Code; or

B. religious, educational, benevolent or other organizations not organized for profit which are exempt from income taxation under the Internal Revenue Code except to the extent that such income is subject to federal income taxation as “unrelated business income” under the Internal Revenue Code.

## Nearby sections

- [N.M. Stat. § 7-2-1 § 7-2-1. Short title](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-1.md)
- [N.M. Stat. § 7-2-1 § 7-2-1. Short title](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-1.md)
- [N.M. Stat. § 7-2-2 § 7-2-2. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-2.md)
- [N.M. Stat. § 7-2-2 § 7-2-2. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-2.md)
- [N.M. Stat. § 7-2-3 § 7-2-3. Imposition and levy of tax](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-3.md)
- [N.M. Stat. § 7-2-3 § 7-2-3. Imposition and levy of tax](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-3.md)
- [N.M. Stat. § 7-2-4 § 7-2-4. Exemptions](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-4.md)
- [N.M. Stat. § 7-2-4 § 7-2-4. Exemptions](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-4.md)
- [N.M. Stat. § 7-2-5.2 § 7-2-5.2. Exemption; income of persons sixty-five and older or blind](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-5.2.md)
- [N.M. Stat. § 7-2-5.2 § 7-2-5.2. Exemption; income of persons sixty-five and older or blind](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-5.2.md)
- [N.M. Stat. § 7-2-5.5 § 7-2-5.5. Exemption; earnings by Indians, their Indian spouses and Indian dependents on Indian lands](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-5.5.md)
- [N.M. Stat. § 7-2-5.5 § 7-2-5.5. Exemption; earnings by Indians, their Indian spouses and Indian dependents on Indian lands](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-5.5.md)
- [N.M. Stat. § 7-2-5.6 § 7-2-5.6. Exemption; medical care savings accounts](https://www.frixlaw.com/law-library/statutes/STATE_NM_C7_A2_S7-2-5.6.md)
- [N.M. Stat. § 7-2-5.6 § 7-2-5.6. Exemption; medical care savings accounts](https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-5.6.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_NM_STATUTES_C7_A2_S7-2-4. Check the current official text before relying on it. Not legal advice.