There is a newer version of the New Mexico Statutes
2014 New Mexico Statutes
Chapter 7 - Taxation
Section 3A Oil and Gas Proceeds and Pass-Through Entity Withholding Tax
Section 7-3A-5 Remitters and pass-through entities liable for amounts deducted and withheld; exceptions.
NM Stat § 7-3A-5 (2014) What's This?
7-3A-5. Remitters and pass-through entities liable for amounts deducted and withheld; exceptions.
A. Every remitter or pass-through entity is liable for:
(1) amounts required to be deducted and withheld by the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act regardless of whether the amounts were in fact deducted and withheld; and
(2) for the amounts that a remittee or an owner has agreed to remit pursuant to Subsection G of Section 7-3A-3 NMSA 1978, once the department has notified the remitter or pass-through entity that the remittee or owner has failed to remit.
B. A remitter or pass-through entity is not liable for amounts required to be deducted and withheld by the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act but not deducted or withheld if:
(1) the remitter or pass-through entity fails to deduct and withhold the required amounts and if the tax against which the required amounts would have been credited is paid; or
(2) the remitter's or pass-through entity's failure to deduct and withhold the required amounts is due to reasonable cause.
History: 1978 Comp., 7-3A-5, enacted by Laws 2003, ch. 86, 8; 2010, ch. 53, 12; 2012, ch. 40, 4.
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