2020 New Mexico Statutes
Chapter 7 - Taxation
Article 3A - Oil and Gas Proceeds and Pass-Through Entity Withholding Tax
Section 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 [Chapter 7, Article 1 NMSA 1978] 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.

History: 1978 Comp., § 7-3A-9, enacted by Laws 2003, ch. 86, § 12; 2010, ch. 53, § 16; 2011, ch. 139, § 1.

The 2011 amendment, effective June 17, 2011, added Subsection C to require the department to submit a report to the legislature relating to the amount of taxes withheld from oil and gas proceeds.

The 2010 amendment, effective May 19, 2010, in Subsection A, added "and Pass-Through Entity"; and in Subsection B, after "enforce the Oil and Gas Proceeds", added "and Pass-Through Entity" and after "enforcement of the Oil and Gas Proceeds", added "and Pass-Through Entity".

Temporary provisions. — Laws 2010, ch. 53, § 17 provided that for a taxable year beginning on or after January 1, 2011, but before January 1, 2012, no remitter or pass-through entity shall be subject to the penalty imposed pursuant to Section 7-1-69 NMSA 1978 for failure to comply with the provisions of the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act.

Applicability. — Laws 2010, ch. 53, § 19 provided that the provisions of this act are applicable to taxable years beginning on or after January 1, 2011.