2006 New Mexico Statutes - Section 7-3A-5 — Remitter liable for amounts deducted and withheld; exceptions.
7-3A-5. Remitter liable for amounts deducted and withheld; exceptions.
Every remitter is liable for amounts required to be deducted and withheld by the Oil and Gas Proceeds Withholding Tax Act [ 7-3A-1 NMSA 1978] regardless of whether the amounts were in fact deducted and withheld, except that:
A. if the remitter fails to deduct and withhold the required amounts and if the tax against which the required amounts would have been credited is paid, the remitter shall not be liable for those amounts not deducted and withheld; or
B. if the remitter's failure to deduct and withhold the required amounts is due to reasonable cause, such as reliance on addresses supplied by remittees, the remitter shall not be liable for amounts not deducted and withheld.
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