N.M. Stat. § 7-1-69.2

Current through 2024, ch. 69
Section 7-1-69.2 - Civil penalty for failure to correctly file certain deductions

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.

NMS § 7-1-69.2

Laws 2016 (2nd S.S.), ch. 3, § 3.
Added by 2016SP1, c. 3,s. 3, eff. 11/1/2016.