The entire amount of income upon which tax was deducted and withheld shall be included in the gross income of the withholdee for state income tax purposes. The amount of tax deducted and withheld under the provisions of the Withholding Tax Act during the taxable year shall be credited against any state income tax liability for that taxable year.
History: 1953 Comp., § 72-15-59, enacted by Laws 1961, ch. 243, § 11; 1990, ch. 64, § 7.
The 1990 amendment, effective July 1, 1990, deleted "from wages" following "amount of income" and substituted "withholdee" for "employee" in the first sentence and "tax deducted" for "wages deducted" in the second sentence.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 258, 602.
85 C.J.S. Taxation §§ 1700, 1779 to 1780, 1782.
Structure New Mexico Statutes
Article 3 - Income Tax Withholding
Section 7-3-3 - Tax withheld at source.
Section 7-3-4 - Deductions considered taxes.
Section 7-3-5 - Withholder liable for amounts deducted and withheld; exceptions.
Section 7-3-6 - Date payment due.
Section 7-3-7 - Statements of withholding.
Section 7-3-9 - Withheld amounts credited against tax.
Section 7-3-10 - Voluntary submission to act.
Section 7-3-11 - Acts to be performed by agents; liability of third parties.
Section 7-3-13 - Withholding information return required; penalty.
Section 7-3-14 - Composite returns. (Effective January 1, 2022.)