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2020 New Mexico Statutes
Chapter 7 - Taxation
Article 1 - Administration
Section 7-1-69.2 - Civil penalty for failure to correctly file certain deductions.
Universal Citation: NM Stat § 7-1-69.2 (2020)
In the case of a taxpayer that deducts gross receipts pursuant to Section 7-9-92 or 7-9-93 NMSA 1978 instead of deducting or exempting gross receipts pursuant to another applicable provision of the Gross Receipts and Compensating Tax Act [Chapter 7, Article 9 NMSA 1978] as required by those sections, there shall be assessed a penalty on the taxpayer in an amount equal to twenty percent of the value of the hold harmless distribution resulting from the incorrect deduction.
History: Laws 2016 (2nd S.S.), ch. 3, § 3.
ANNOTATIONSEffective dates. — Laws 2016 (2nd S.S.), ch. 3, § 9 made Laws 2016 (2nd S.S.), ch. 3, § 3 November 1, 2016.
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