Civil penalty for failure to correctly file certain deductions.

  1. Law
  2. New Mexico Statutes
  3. Taxation
  4. Administration
  5. Civil penalty for failure to correctly file certain deductions.

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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.

ANNOTATIONS

Effective 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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