7-1-69.2. Civil penalty for failure to correctly file certain deductions.
87 words·~1 min read·
/nm/chapter-7-taxation/article-1-administration/7-1-69-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In the case of a taxpayer that deducts gross receipts pursuant to Section 7-9-92 or 7-9-93 NMSA 1978 instead of deducting or exempting gross receipts pursuant to another applicable provision of the Gross Receipts and Compensating Tax Act [Chapter 7, Article 9 NMSA 1978] as required by those sections, there shall be assessed a penalty on the taxpayer in an amount equal to twenty percent of the value of the hold harmless distribution resulting from the incorrect deduction.
History: Laws 2016 (2nd S.S.), ch. 3, § 3.