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CONOCO, INC. v. TAXATION & REVENUE DEPT.

Nos. 22995, 23045.

931 P.2d 730 (1996)

122 N.M. 736

CONOCO, INC., and Intel Corporation, Plaintiffs-Petitioners, v. TAXATION AND REVENUE DEPARTMENT OF the STATE OF NEW MEXICO, Defendant-Respondent.

Supreme Court of New Mexico.

Rehearing Denied January 23, 1997.

Attorney(s) appearing for the Case

Modrall, Sperling, Roehl, Harris & Sisk, P.A., Curtis W. Schwartz, Timothy C. Holm, Santa Fe, Morrison & Foerster, Paul H. Frankel, Walter Hellerstein, Hollis L. Hyans, Irwin M. Slomka, New York City, for Petitioners.

Tom Udall, Attorney General, Bruce J. Fort, Special Assistant Attorney General, Santa Fe, for Respondent.

Mack Easley, Albuquerque, for Amicus Curiae Committee on State Taxation.

Taichert, Wiggins, Virtue & Najjar, Daniel A. Najjar, Santa Fe, for Amicus Curiae Intel Corporation.

OPINION

RANSOM, Justice.

1. We here review the constitutionality of New Mexico's formulaic tax scheme for dividends received by a parent corporation from its foreign subsidiaries notwithstanding that dividends received from domestic subsidiaries are excluded entirely from the parent's tax base. This opinion has been amended pursuant to order entered January 23, 1997, in response to motions for clarification and reconsideration. Conoco, Inc., and Intel Corporation...

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