§ 6-32-2. Definitions

As used in the Small Business Recovery and Stimulus Act: A. “ authority ” means the New Mexico finance authority; B. “ New Mexico resident ” means an individual who is domiciled in this state during any part of the year or an individual who is physically present in this state for one hundred eighty-five days or more during the taxable year; C. “ non-employer business ” means a qualifying small business that has no paid employees; D. “ ordinary and necessary business expenses ” means all expenses, including expenses and capital expenses incurred to operate the business in compliance with a public health order; E. “ qualifying small business ” means a business or nonprofit corporation that: (1) can demonstrate, as determined by the authority, that it has sustained a substantial decline in gross revenue or a substantial disruption to its operations due to the public health orders issued by the secretary of health and related to the coronavirus disease 2019 public health emergency; (2) had an annual net revenue of less than five million dollars ($5,000,000) as determined by the authority; and (3) is organized and operated as a nonprofit corporation or is owned as follows: (a) for a sole proprietorship, one hundred percent of the assets of the business are owned or leased by a New Mexico resident; and (b) for a corporation, partnership, joint venture, limited liability company, limited partnership or other business entity, at least fifty-one percent of the total voting power of the entity and at least fifty-one percent of the total value of the equity is owned by one or more New Mexico residents or the business entity maintains a physical business location within the state and has employed at least ten full-time New Mexico resident employees at any time since January 1, 2019; and F. “ nonprofit corporation ” means an organization that has been granted exemption from the federal income tax by the United States commissioner of internal revenue as an organization described in Section 501(c)(3) , 501(c)(6) , 501(c)(8) , 501(c)(19) or 501(c)(23) of the United States Internal Revenue Code of 1986 1 and subject to the provisions of the Nonprofit Corporation Act. 2