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New Mexico Statutes Chapter 7. Taxation § 7-3A-9. Interpretation of act; administration and enforcement of act; report to legislature

Current as of January 01, 2024 | Updated by Findlaw Staff

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  1 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.

1 NMSA 1978, § 7-1-1 et seq.
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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-3A-9. Interpretation of act; administration and enforcement of act; report to legislature - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-3a-9/

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