2011 New Mexico Statutes
Chapter 7: Taxation
Article 3A: Oil and Gas Proceeds Withholding Tax, 7-3A-1 through 7-3A-9
Section 7-3A-9: Interpretation of act; administration and enforcement of act; report to legislature.
7-3A-9. Interpretation of act; administration and enforcement of act; report to legislature.
A. The department shall interpret the provisions of the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act.
B. The department shall administer and enforce the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act, and the Tax Administration Act applies to the administration and enforcement of the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act.
C. No later than December 1 of each year, the department shall submit a report to the legislature showing:
(1) the total amount of taxes withheld by remitters and paid to the department during the previous calendar year pursuant to the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act; and
(2) the amount of taxes withheld by remitters pursuant to the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act that were credited against income taxes or corporate income taxes by remittees during the previous calendar year.
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