Translation Disclaimer
NM Taxation & Revenue Department
MVD New Mexico
Taxation & Revenue New Mexico Logo
Close
  1. All NM Taxes
  2. Frequently Asked Questions
  3. 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?

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.