There Is a Newer Version of the New Mexico Statutes
  1. 2025 N.M. Stat.
  2. 2024 N.M. Stat.
  3. 2023 N.M. Stat.
  4. 2011 N.M. Stat. (here)
  5. View All Versions
View Our Newest Version Here

2011 New Mexico Statutes
Chapter 6: Public Finances
Article 4: State Funds and Capital Programs, 6-4-1 through 6-4-25
Section 6-4-5: Taxpayers dividend fund; created; purpose.

Universal Citation:
NM Stat § 6-4-5 (1996 through 1st Sess 50th Legis)
Learn more This media-neutral citation is based on the American Association of Law Libraries Universal Citation Guide and is not necessarily the official citation.

6-4-5. Taxpayers dividend fund; created; purpose.

A. There is created hereby in the state treasury the "taxpayers dividend fund".

B. The balance of the taxpayers dividend fund shall be those funds directed to it by law and such other funds as the legislature may appropriate from time to time to the fund.

C. If the balance in the taxpayers dividend fund at the end of the seventy-sixth or any subsequent fiscal year exceeds one percent of the tax liabilities reported to the taxation and revenue department pursuant to the Income Tax Act [7-2-1 NMSA 1978] during that fiscal year, then the governor shall propose to the next session of the legislature a method for refunding the balance to the taxpayers.

D. Balances in the taxpayers dividend fund may be appropriated only for the purpose of refunding those balances to the taxpayers.

Disclaimer: These codes may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.