2011 New Mexico Statutes
Chapter 7: Taxation
Article 3: Income Tax Withholding, 7-3-1 through 7-3-13
Section 7-3-5: Withholder liable for amounts deducted and withheld; exceptions.
7-3-5. Withholder liable for amounts deducted and withheld; exceptions.
Every withholder shall be liable for amounts required to be deducted and withheld by the Withholding Tax Act regardless of whether the amounts were in fact deducted and withheld, except that:
A. if the withholder fails to deduct and withhold the required amounts and if the tax against which the required amounts would have been credited is paid, the withholder shall not be liable for those amounts not deducted and withheld; or
B. if the withholder's failure to deduct and withhold the required amounts was due to reasonable cause, the withholder shall not be liable for amounts not deducted and withheld.
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.
