A. Receipts from interstate telecommunications services that are provided by a corporation to itself or to an affiliated corporation may be deducted from interstate telecommunications gross receipts. B. For the purposes of this section: (1) 'affiliated corporation' means a corporation that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with the subject corporation; and (2) 'control' means ownership of stock in a corporation that represents at least eighty percent of the total voting power of the corporation and has a value equal to at least eighty percent of the total value of the stock of that corporation. History: Laws 1992, ch. 50, § 8 and Laws 1992, ch. 67, § 8; 1993, ch. 30, § 18. ANNOTATIONSThe 1993 amendment, effective June 18, 1993, inserted 'interstate telecommunications' in Subsection A.
New Mexico Legal Code