A. Upon assumption of title to a work of art by the board, the department shall credit against the amount owed by the estate the valuation of that work of art as agreed upon under Section 7-7-19 NMSA 1978. In no case shall any credit allowed by the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978] be greater than the amount of the estate tax owed by the decedent's estate.
B. The board shall not during any fiscal year assume title to works of art which have an aggregate value of more than five million dollars ($5,000,000).
History: 1978 Comp., § 7-7-20, enacted by Laws 1983, ch. 209, § 6; 1987, ch. 164, § 2.
Structure New Mexico Statutes
Section 7-7-3 - Residents; tax imposed; credit for tax paid other state.
Section 7-7-4 - Nonresidents; tax imposed; exemption.
Section 7-7-6 - Date payment due.
Section 7-7-7 - Interest on amount due; extension of time to file federal return.
Section 7-7-8 - Department to file certificate; final settlement of account.
Section 7-7-9 - Administration not applied for; application or waiver by the department.
Section 7-7-10 - Administration.
Section 7-7-11 - Sale of property to pay tax.
Section 7-7-12 - Liability for failure to pay tax before distribution or delivery.
Section 7-7-17 - Payment of estate tax in works of art.
Section 7-7-18 - Procedure for payment in works of art.