A. All money received by the department with respect to laws administered pursuant to the provisions of the Tax Administration Act shall be deposited with the state treasurer before the close of the next succeeding business day after receipt of the money, except that money received with respect to the Income Tax Act [Chapter 7, Article 2 NMSA 1978] and the Corporate Income and Franchise Tax Act [Chapter 7, Article 2A NMSA 1978] during the period starting with the fifth day prior to the due date for payment of the taxes for the year and ending on the tenth day following that due date shall be deposited before the close of the tenth business day after receipt of the money.
B. Money received or disbursed by the department shall be accounted for by the department as required by law or rule of the secretary of finance and administration.
C. Disbursements for tax credits, tax rebates, refunds, the payment of interest, the payment of fees charged by attorneys or collection agencies for collection of accounts as agent for the department, attorney fees and costs awarded by a court or hearing officer, as the result of oil and gas litigation, the payment of credit card service charges on payments of taxes by use of credit cards, distributions and transfers shall be made by the department of finance and administration upon request and certification of their appropriateness by the secretary or the secretary's delegate.
D. There are hereby created in the state treasury the "tax administration suspense fund", the "extraction taxes suspense fund" and the "workers' compensation collections suspense fund" for the purpose of making the disbursements authorized by the Tax Administration Act.
E. All revenues collected or received by the department pursuant to the provisions of the taxes and tax acts set forth in Subsection A of Section 7-1-2 NMSA 1978 shall be credited to the tax administration suspense fund and are appropriated for the purpose of making the disbursements authorized in this section or otherwise authorized or required by law to be made from the tax administration suspense fund.
F. All revenues collected or received by the department pursuant to the taxes or tax acts set forth in Subsection B of Section 7-1-2 NMSA 1978 shall be credited to the extraction taxes suspense fund and are appropriated for the purpose of making the disbursements authorized in this section or otherwise authorized or required by law to be made from the extraction taxes suspense fund.
G. All revenues collected or received by the department pursuant to the taxes or tax acts set forth in Subsection C of Section 7-1-2 NMSA 1978 may be credited to the tax administration suspense fund, unless otherwise directed by law to be credited to another fund or agency, and are appropriated for the purpose of making disbursements authorized in this section or otherwise authorized or required by law.
H. All revenues collected or received by the department pursuant to the provisions of Section 52-5-19 NMSA 1978 shall be credited to the workers' compensation collections suspense fund and are appropriated for the purpose of making the disbursements authorized in this section or otherwise authorized or required by law to be made from the workers' compensation collections suspense fund.
I. Disbursements to cover expenditures of the department shall be made only upon approval of the secretary or the secretary's delegate.
J. Miscellaneous receipts from charges made by the department to defray expenses pursuant to the provisions of Section 9-11-6.1 NMSA 1978 and similar charges are appropriated to the department for its use.
K. From the tax administration suspense fund, there may be disbursed each month amounts approved by the secretary or the secretary's delegate necessary to maintain a fund hereby created and to be known as the "income tax suspense fund". The income tax suspense fund shall be used for the payment of income tax refunds.
History: Laws 1965, ch. 248, § 12; 1953 Comp., § 72-13-24; Laws 1966, ch. 53, § 1; 1969, ch. 147, § 1; 1970, ch. 57, § 1; 1975, ch. 263, § 8; 1977, ch. 247, § 182; 1977, ch. 315, § 2; reenacted by Laws 1978, ch. 55, § 1; 1979, ch. 144, § 6; 1979, ch. 284, § 4; 1981, ch. 37, § 7; 1981, ch. 215, § 3; 1982, ch. 18, § 4; 1983, ch. 211, § 5; 1985, ch. 65, § 5; 1986, ch. 20, § 6; 1988, ch. 72, § 1; 1989, ch. 325, § 2; 1990, ch. 86, § 2; 1992, ch. 55, § 3; 2001, ch. 230, § 1; 2009, ch. 242, § 1; 2017, ch. 63, § 7; 2021, ch. 65, § 2.
The 2021 amendment, effective July 1, 2021, provided the taxation and revenue department the same grace period for timely deposit of corporate income tax revenue during peak filing season that the department currently has for personal income tax, and removed an outdated provision related to federal funds from the temporary assistance to needy families program; in Subsection A, after "except that", deleted "for 1989 and every subsequent year", after "Income Tax Act", added "and the Corporate Income and Franchise Tax Act", and after "payment of", deleted "income tax" and added "the taxes"; and in Subsection E, deleted "and, through June 30, 2009, federal funds from the temporary assistance for needy families program pursuant to an agreement that the department and the human services department may enter into for the payment of tax refunds, tax rebates and tax credits to low-income families with dependent children otherwise authorized by state and federal law".
The 2017 amendment, effective June 16, 2017, in Subsection J, after "Section", changed "9-11-6.2" to "9-11-6.1".
The 2009 amendment, effective April 7, 2009, in Subsection A, after "laws administered", deleted "under" and added "pursuant to"; in Subsection E, after "tax acts", deleted "administered under" and added "set forth in", after "NMSA 1978", added "and, through June 30, 2009, federal funds from the temporary assistance for needy families program pursuant to an agreement that the department and the human services department may enter into for the payment of tax refunds, tax rebates and tax credits to low-income families with dependent children otherwise authorized by state and federal law", and after "disbursements authorized", deleted "under" and added "in"; in Subsections F and G, after "tax acts", deleted "administered under" and added "set forth in", and after "disbursements authorized", deleted "under" and added "in"; and in Subsection H, after "disbursements authorized", deleted "under" and added "in".
The 2001 amendment, effective June 15, 2001, inserted "attorney fees and costs awarded by a court or hearing officer, as the result of oil and gas litigation" in Subsection C; deleted "other than amounts required to be credited to the oil and gas protested payments suspense fund" following "NMSA 1978" in Subsection E; and updated the internal reference in Subsection I.
The 1992 amendment, effective July 1, 1992, inserted "the payment of fees charged by attorneys or collection agencies for collection of accounts as agent for the department, the payment of credit card service charges on payments of taxes by use of credit cards" in the first sentence of Subsection C.
The 1990 amendment, effective July 1, 1990, deleted "other than the Uniform Disposition of Unclaimed Property Act" following "Section 7-1-2 NMSA 1978", added Subsection F, redesignated former Subsections F to I as Subsections G to J and, in Subsection I, substituted "Section 7-1-5 NMSA 1978" for "Sections 7-1-5 and 7-1-25 NMSA 1978".
The 1989 amendment, effective June 16, 1989, in Subsection A, added all of the language beginning "except that,"; in Subsection C, inserted "and the 'workers' compensation collections suspense fund'"; in Subsections D and E, deleted "of the Tax Administration Act" following "Section 7-1-2 NMSA 1978"; added Subsection F; and redesignated former Subsections F through H as Subsections G through I.
Law reviews. — For article, "Taxation of Electricity Generation: The Economic Efficiency and Equity Bases for Regionalism Within the Federal System," see 20 Nat. Resources J. 877 (1980).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 85 C.J.S. Taxation §§ 1654 to 1664.
Structure New Mexico Statutes
Section 7-1-2 - Applicability.
Section 7-1-4 - Investigative authority and powers.
Section 7-1-4.1 - New Mexico taxpayer bill of rights created; purpose.
Section 7-1-4.2 - New Mexico taxpayer bill of rights.
Section 7-1-4.3 - New Mexico taxpayer bill of rights; notice to the public.
Section 7-1-4.4 - Notice of potential eligibility required.
Section 7-1-6 - Receipts; disbursements; funds created.
Section 7-1-6.1 - Identification of money in tax administration suspense fund; distribution.
Section 7-1-6.2 - Distribution; small cities assistance fund.
Section 7-1-6.4 - Distribution; municipality from gross receipts tax.
Section 7-1-6.5 - Distribution; small counties assistance fund.
Section 7-1-6.6 - Distribution; game protection fund.
Section 7-1-6.7 - Distributions; state aviation fund.
Section 7-1-6.8 - Distribution; motorboat fuel tax fund.
Section 7-1-6.9 - Distribution of gasoline taxes to municipalities and counties.
Section 7-1-6.10 - Distributions; state road fund.
Section 7-1-6.11 - Distributions of cigarette taxes.
Section 7-1-6.15 - Adjustments of distributions or transfers to municipalities or counties.
Section 7-1-6.16 - County equalization distribution.
Section 7-1-6.18 - Distribution; veterans' state cemetery fund.
Section 7-1-6.19 - Distribution; county government road fund created.
Section 7-1-6.20 - Identification of money in extraction taxes suspense fund; distribution.
Section 7-1-6.21 - Distribution to oil and gas reclamation fund.
Section 7-1-6.23 - Distribution to severance tax bonding fund.
Section 7-1-6.24 - Distribution; substance abuse education fund.
Section 7-1-6.26 - County government road fund; distribution.
Section 7-1-6.27 - Distribution; municipal roads.
Section 7-1-6.28 - Distribution; municipal arterial program of local governments road fund.
Section 7-1-6.29 - Money in workers' compensation collections suspense fund; distribution.
Section 7-1-6.30 - Distribution; retiree health care fund.
Section 7-1-6.31 - Distributions; enhanced 911 fund; network and database surcharge fund.
Section 7-1-6.32 - Distribution; solid waste assessment fee.
Section 7-1-6.33 - Distribution to county-supported medicaid fund.
Section 7-1-6.34 - Distribution; conservation planting revolving fund.
Section 7-1-6.35 - Distribution; contributions to state political party.
Section 7-1-6.36 - Distribution; interstate telecommunications gross receipts tax.
Section 7-1-6.38 - Distribution; governmental gross receipts tax.
Section 7-1-6.39 - Distribution of special fuel excise tax to local governments road fund.
Section 7-1-6.41 - Administrative fee imposed; appropriation.
Section 7-1-6.42 - Distribution; state building bonding fund; gross receipts tax.
Section 7-1-6.44 - Distribution; gasoline tax sharing agreement.
Section 7-1-6.49 - Distribution; contributions to the state parks division.
Section 7-1-6.50 - Distribution; contributions for national guard member and family assistance.
Section 7-1-6.51 - Distribution; municipal event center surcharge.
Section 7-1-6.54 - Distributions; tax increment development districts.
Section 7-1-6.58 - Distribution; public election fund.
Section 7-1-6.59 - Distribution; Vietnam veterans memorial operation, maintenance and improvement.
Section 7-1-6.60 - Distribution; county business retention gross receipts tax.
Section 7-1-6.62 - Distribution; premium tax.
Section 7-1-6.66 - Distribution; offset for food and beverage establishments deduction.
Section 7-1-6.67 - Distribution; Local Economic Development Act Fund.
Section 7-1-6.68 - Distribution; cannabis excise tax; municipalities and counties.
Section 7-1-8 - Confidentiality of returns and other information.
Section 7-1-8.2 - Information required to be revealed.
Section 7-1-8.3 - Information that may be revealed to public.
Section 7-1-8.5 - Information that may be revealed to national governments or their agencies.
Section 7-1-8.6 - Information that may be revealed to certain tribal governments.
Section 7-1-8.8 - Information that may be revealed to other state agencies.
Section 7-1-8.9 - Information that may be revealed to local governments and their agencies.
Section 7-1-8.10 - Information that may be revealed to private persons other than the taxpayer.
Section 7-1-8.11 - Information that may be revealed to a water and sanitation district.
Section 7-1-9 - Address of notices and payments; timely mailing constitutes timely filing or making.
Section 7-1-11.1 - Managed audits.
Section 7-1-11.2 - Required audit notices.
Section 7-1-12 - Identification of taxpayers.
Section 7-1-13 - Taxpayer returns; payment of taxes; extension of time.
Section 7-1-13.1 - Method of payment of certain taxes due.
Section 7-1-13.4 - Electronic payments; reversals.
Section 7-1-15 - Secretary may set tax reporting and payment intervals.
Section 7-1-15.1 - Secretary may permit or require rounding.
Section 7-1-15.2 - Agreements; collection of compensating tax.
Section 7-1-16 - Delinquent taxpayer.
Section 7-1-17 - Assessment of tax; presumption of correctness.
Section 7-1-17.1 - Tax liability; spouse or former spouse.
Section 7-1-18 - Limitation on assessment by department.
Section 7-1-19 - Limitation of actions.
Section 7-1-20 - Compromise of taxes; closing agreements.
Section 7-1-21 - Installment payments of taxes; installment agreements.
Section 7-1-21.1 - Special agreements; alternative gross receipts taxpayer.
Section 7-1-22 - Exhaustion of administrative remedies.
Section 7-1-23 - Disputing liabilities; election of remedies.
Section 7-1-24 - Disputing liabilities; administrative protest.
Section 7-1-25 - Appeals from hearing officer's decision and order.
Section 7-1-26 - Disputing liabilities; claim for credit, rebate or refund.
Section 7-1-27 - Conclusiveness of court order on liability for payment of tax.
Section 7-1-28 - Authority for abatements of assessments of tax.
Section 7-1-29 - Authority to make refunds or credits.
Section 7-1-29.1 - Awarding of costs and fees.
Section 7-1-29.2 - Credit claims.
Section 7-1-30 - Collection of penalties and interest.
Section 7-1-31 - Seizure of property by levy for collection of taxes.
Section 7-1-32 - Contents of warrant of levy.
Section 7-1-33 - Successive seizures.
Section 7-1-34 - Surrender of property subject to levy; penalty.
Section 7-1-35 - Stay of levy.
Section 7-1-36 - Property exempt from levy.
Section 7-1-37 - Assessment as lien.
Section 7-1-38 - Notice of lien.
Section 7-1-39 - Release or extinguishment of lien; limitation on actions to enforce lien.
Section 7-1-40 - Foreclosure of lien.
Section 7-1-41 - Notice of seizure.
Section 7-1-42 - Notice of sale.
Section 7-1-43 - Sale of indivisible property.
Section 7-1-44 - Requirements of sale.
Section 7-1-45 - Manner of sale or conversion to money.
Section 7-1-46 - Minimum prices.
Section 7-1-47 - Redemption before sale.
Section 7-1-48 - Documents of title.
Section 7-1-49 - Legal effect of certificate of sale.
Section 7-1-50 - Legal effect of deed to real property.
Section 7-1-51 - Proceeds of levy and sale.
Section 7-1-52 - Release of levy.
Section 7-1-53 - Enjoining delinquent taxpayer from continuing in business.
Section 7-1-54 - Security for payment of tax.
Section 7-1-55 - Contractor's bond for gross receipts; tax; penalty.
Section 7-1-56 - Sale of or proceedings against security.
Section 7-1-57 - Surety bonds.
Section 7-1-58 - Permanence of tax debt; civil actions to collect tax.
Section 7-1-59 - Jeopardy assessments.
Section 7-1-60 - Estoppel against state.
Section 7-1-61 - Duty of successor in business.
Section 7-1-62 - Duty of secretary; release of successor.
Section 7-1-63 - Assessment of tax due; application of payment.
Section 7-1-65 - Reciprocal enforcement of tax judgments.
Section 7-1-66 - Immunity of property of Indian nations, tribes or pueblos and of the United States.
Section 7-1-67 - Interest on deficiencies.
Section 7-1-68 - Interest on overpayments.
Section 7-1-69 - Civil penalty for failure to pay tax or file a return.
Section 7-1-69.1 - Civil penalty for failure to file an information return.
Section 7-1-69.2 - Civil penalty for failure to correctly file certain deductions.
Section 7-1-70 - Civil penalty for bad checks.
Section 7-1-71 - Civil penalty for failure to collect and pay over tax.
Section 7-1-71.1 - Tax return preparers; requirements; penalties.
Section 7-1-71.3 - Willful failure to collect and pay over taxes.
Section 7-1-71.4 - Tax return preparer; electronic filing requirement; penalty.
Section 7-1-72 - Attempts to evade or defeat tax.
Section 7-1-72.1 - Civil penalty; willful attempt to cause evasion of another's tax.
Section 7-1-75 - Assault and battery of a department employee.
Section 7-1-76 - Revealing information concerning taxpayers.
Section 7-1-78 - Burden of proof in fraud cases.
Section 7-1-79 - Enforcement officials.
Section 7-1-80 - Dissolution or withdrawal of corporation.
Section 7-1-82 - Transfer, assignment, sale, lease or renewal of liquor license.
Section 7-1-83 - Business and employee status during disaster response period.