AN ACT
RELATING TO TAXATION; AMENDING THE TAX
ADMINISTRATION ACT; AMENDING PROVISIONS REGARDING CONFIDENTIALITY OF TAX
RETURNS AND OTHER INFORMATION; INCREASING THE SECRETARY OF TAXATION AND
REVENUE'S ABATEMENT AUTHORITY; AMENDING PROVISIONS REGARDING INSTALLMENT
PAYMENTS, REFUNDS, HEARINGS AND INTEREST.
BE IT ENACTED BY THE LEGISLATURE OF
THE STATE OF NEW MEXICO:
Section 1. Section 7-1-8 NMSA 1978 (being Laws 1965,
Chapter 248, Section 13, as amended) is amended to read:
"7-1-8. CONFIDENTIALITY OF RETURNS AND OTHER
INFORMATION.--It is unlawful for an employee of the department or a former
employee of the department to reveal to an individual other than another
employee of the department, information contained in the return of a taxpayer
made pursuant to a law subject to administration and enforcement under the
provisions of the Tax Administration Act or any other information about a
taxpayer acquired as a result of his employment by the department and not
available from public sources, except:
A. to an authorized representative of another
state; provided that the receiving state has entered into a written agreement
with the department to use the information for tax purposes only and that the
receiving state has enacted a confidentiality statute similar to this section
to which the representative is subject;
B. to a representative of the secretary of the
treasury or the secretary's delegate pursuant to the terms of a reciprocal
agreement entered into with the federal government for exchange of the
information;
C. to the multistate tax commission or its
authorized representative; provided that the information is used for tax
purposes only and is disclosed by the multistate tax commission only to states
that have met the requirements of Subsection A of this section;
D. to a district court, an appellate court or a
federal court:
(1) in response to an order thereof in an action
relating to taxes to which the state is a party and in which the information
sought is about a taxpayer who is party to the action and is material to the
inquiry, in which case only that information may be required to be produced in
court and admitted in evidence subject to court order protecting the
confidentiality of the information and no more;
(2) in an action in which the department is
attempting to enforce an act with which the department is charged or to collect
a tax; or
(3) in any matter in which the department is a
party and the taxpayer has put his own liability for taxes at issue, in which
case only that information regarding the taxpayer who is party to the action
may be produced, but this shall not prevent the disclosure of department policy
or interpretation of law arising from circumstances of a taxpayer who is not a
party;
E. to the taxpayer or to the taxpayer's
authorized representative; provided, however, that nothing in this subsection
shall be construed to require any employee to testify in a judicial proceeding
except as provided in Subsection D of this section;
F. information obtained through the
administration of a law not subject to administration and enforcement under the
provisions of the Tax Administration Act to the extent that release of that
information is not otherwise prohibited by law;
G. in a manner, for statistical purposes, that
the information revealed is not identified as applicable to an individual
taxpayer;
H. with reference to information concerning the
tax on tobacco imposed by Sections 7-12-1 through 7-12-13 and Sections 7-12-15
and 7-12-17 NMSA 1978 to a committee of the legislature for a valid legislative
purpose or to the attorney general for purposes of Section 6-4-13 NMSA 1978 and
the master settlement agreement defined in Section 6-4-12 NMSA 1978;
I. to a transferee, assignee, buyer or lessor of
a liquor license, the amount and basis of an unpaid assessment of tax for which
his transferor, assignor, seller or lessee is liable;
J. to a purchaser of a business as provided in
Sections 7-1-61 through 7-1-63 NMSA 1978, the amount and basis of an unpaid
assessment of tax for which the purchaser's seller is liable;
K. to a municipality of this state upon its
request for a period specified by that municipality within the twelve months
preceding the request for the information by that municipality:
(1) the names, taxpayer identification numbers
and addresses of registered gross receipts taxpayers reporting gross receipts
for that municipality under the Gross Receipts and Compensating Tax Act or a
local option gross receipts tax imposed by that municipality. The department may also release the
information described in this paragraph quarterly or upon such other periodic
basis as the secretary and the municipality may agree; and
(2) information indicating whether persons shown
on a list of businesses located within that municipality furnished by the
municipality have reported gross receipts to the department but have not
reported gross receipts for that municipality under the Gross Receipts and
Compensating Tax Act or a local option gross receipts tax imposed by that
municipality.
The employees of municipalities
receiving information as provided in this subsection shall be subject to the
penalty contained in Section 7-1-76 NMSA 1978 if that information is revealed
to individuals other than other employees of the municipality in question or
the department;
L. to the commissioner of public lands for use
in auditing that pertains to rentals, royalties, fees and other payments due
the state under land sale, land lease or other land use contracts; the
commissioner of public lands and employees of the commissioner are subject to
the same provisions regarding confidentiality of information as employees of
the department;
M. the department shall furnish, upon request by
the child support enforcement division of the human services department, the
last known address with date of all names certified to the department as being
absent parents of children receiving public financial assistance. The child support enforcement division
personnel shall use such information only for the purpose of enforcing the
support liability of the absent parents and shall not use the information or
disclose it for any other purpose; the child support enforcement division and
its employees are subject to the provisions of this section with respect to any
information acquired from the department;
N. with respect to the tax on gasoline imposed
by the Gasoline Tax Act, the department shall make available for public
inspection at monthly intervals a report covering the number of gallons of
gasoline and ethanol blended fuels received and deducted, and the amount of tax
paid by each person required to file a gasoline tax return or pay gasoline tax
in the state of New Mexico;
O. the identity of a rack operator, importer,
blender, supplier or distributor and the number of gallons reported on returns
required under the Gasoline Tax Act, Special Fuels Supplier Tax Act or
Alternative Fuel Tax Act to a rack operator, importer, blender, distributor or
supplier, but only when it is necessary to enable the department to carry out
its duties under the Gasoline Tax Act, the Special Fuels Supplier Tax Act or
the Alternative Fuel Tax Act;
P. the department shall release upon request
only the names and addresses of all gasoline or special fuel distributors,
wholesalers and retailers to the New Mexico department of agriculture, the
employees of which are thereby subject to the penalty contained in Section
7-1-76 NMSA 1978 if that information is revealed to individuals other than
employees of either the New Mexico department of agriculture or the department;
Q. the department shall answer all inquiries
concerning whether a person is or is not a registered taxpayer;
R. upon request of a municipality or county of
this state, the department shall permit officials or employees of the
municipality or county to inspect the records of the department pertaining to
an increase or decrease to a distribution or transfer made pursuant to Section
7-1-6.15 NMSA 1978 for the purpose of reviewing the basis for the increase or
decrease. The municipal or county
officials or employees receiving information provided in this subsection shall
not reveal that information to any person other than another employee of the
municipality or the county, the department or a district court, an appellate
court or a federal court in a proceeding relating to a disputed distribution
and in which both the state and the municipality or county are parties. Information provided pursuant to provisions
of this subsection that is revealed other than as provided in this subsection
shall subject the person revealing the information to the penalties contained
in Section 7-1-76 NMSA 1978;
S. to a county of this state that has in effect
a local option gross receipts tax imposed by the county upon its request for a
period specified by that county within the twelve months preceding the request
for the information by that county:
(1) the names, taxpayer identification numbers
and addresses of registered gross receipts taxpayers reporting gross receipts
either for that county in the case of a local option gross receipts tax imposed
on a countywide basis or only for the areas of that county outside of any
incorporated municipalities within that county in the case of a county local
option gross receipts tax imposed only in areas of the county outside of any
incorporated municipalities. The department
may also release the information described in this paragraph quarterly or upon
such other periodic basis as the secretary and the county may agree;
(2) in the case of a local option gross receipts
tax imposed by a county on a countywide basis, information indicating whether
persons shown on a list of businesses located within the county furnished by
the county have reported gross receipts to the department but have not reported
gross receipts for that county under the Gross Receipts and Compensating Tax
Act or a local option gross receipts tax imposed by that county on a countywide
basis; and
(3) in the case of a local option gross receipts
tax imposed by a county only on persons engaging in business in that area of
the county outside of incorporated municipalities, information indicating
whether persons on a list of businesses located in that county outside of the
incorporated municipalities but within that county furnished by the county have
reported gross receipts to the department but have not reported gross receipts
for that county outside of the incorporated municipalities within that county
under the Gross Receipts and Compensating Tax Act or a local option gross receipts tax imposed by
the county only on persons engaging in business in that county outside of the
incorporated municipalities.
The officers and employees of
counties receiving information as provided in this subsection shall be subject
to the penalty contained in Section 7-1-76 NMSA 1978 if the information is
revealed to individuals other than other officers or employees of the county in
question or the department;
T. to authorized representatives of an Indian
nation, tribe or pueblo, the territory of which is located wholly or partially
within New Mexico, pursuant to the terms of a reciprocal agreement entered into
with the Indian nation, tribe or pueblo for the exchange of that information
for tax purposes only; provided that the Indian nation, tribe or pueblo has
enacted a confidentiality statute similar to this section;
U. information with respect to the taxes or tax
acts administered pursuant to Subsection B of Section 7-1-2 NMSA 1978, except
that:
(1) information for or relating to a period prior
to July 1, 1985 with respect to Sections 7-25-1 through 7-25-9 and 7-26-1
through 7-26-8 NMSA 1978 may be released only to a committee of the legislature
for a valid legislative purpose;
(2) except as provided in Paragraph (3) of this
subsection, contracts and other agreements between the taxpayer and other
parties and the proprietary information contained in those contracts and
agreements shall not be released without the consent of all parties to the
contract or agreement; and
(3) audit workpapers and the proprietary
information contained in the workpapers shall not be released except to:
(a) the minerals management service of the United
States department of the interior, if production occurred on federal land;
(b) a person having a legal interest in the
property that is subject to the audit;
(c) a purchaser of products severed from a
property subject to the audit; or
(d) the authorized representative of any of the
persons in Subparagraphs (a) through (c) of this paragraph. This paragraph does not prohibit the release
of proprietary information contained in the workpapers that is also available
from returns or from other sources not subject to the provisions of this
section;
V. information with respect to the taxes, surtaxes,
advance payments or tax acts administered pursuant to Subsection C of Section
7-1-2 NMSA 1978;
W. to the public regulation commission,
information with respect to the Corporate Income and Franchise Tax Act required
to enable the commission to carry out its duties;
X. to the state racing commission, information
with respect to the state, municipal and county gross receipts taxes paid by
race tracks;
Y. upon request of a corporation authorized to
be formed under the Educational Assistance Act, the department shall furnish
the last known address and the date of that address of every person certified
to the department as an absent obligor of an educational debt due and owed to
the corporation or that the corporation has lawfully contracted to collect. The corporation and its officers and
employees shall use that information only to enforce the educational debt
obligation of the absent obligors and shall not disclose that information or
use it for any other purpose;
Z. a decision and order made by a hearing
officer pursuant to Section 7-1-24 NMSA 1978 with respect to a protest filed
with the secretary on or after July 1, 1993;
AA. information required by a provision of the
Tax Administration Act to be made available to the public by the department;
BB. upon request by the Bernalillo county
metropolitan court, the department shall furnish the last known address and the
date of that address for every person the court certifies to the department as
a person who owes fines, fees or costs to the court or who has failed to appear
pursuant to a court order or a promise to appear;
CC. upon request by a magistrate court, the
department shall furnish the last known address and the date of that address
for every person the court certifies to the department as a person who owes
fines, fees or costs to the court or who has failed to appear pursuant to a
court order or a promise to appear;
DD. to the national tax administration agencies
of Mexico and Canada, provided the agency receiving the information has entered
into a written agreement with the department to use the information for tax
purposes only and is subject to a confidentiality statute similar to this
section;
EE. to a district attorney, a state district
court grand jury or federal grand jury for an investigation of or proceeding
related to an alleged criminal violation of the tax laws;
FF. to a third party subject to a subpoena or
levy issued pursuant to the provisions of the Tax Administration Act, the
identity of the taxpayer involved, the taxes or tax acts involved and the
nature of the proceeding; and
GG. to the gaming control board, tax returns of
license applicants and their affiliates as defined in Subsection E of Section
60-2E-14 NMSA 1978."
Section 2. Section 7-1-21 NMSA 1978 (being Laws 1965,
Chapter 248, Section 23, as amended) is amended to read:
"7-1-21. INSTALLMENT PAYMENTS OF TAXES--INSTALLMENT
AGREEMENTS.--
A. Whenever justified by the circumstances, the
secretary or the secretary's delegate may enter into a written agreement with a
taxpayer in which the taxpayer admits conclusive liability for the entire
amount of taxes due and agrees to make monthly installment payments according
to the terms of the agreement, but not for a period longer than sixty
months. No installment agreement shall
prevent the accrual of interest otherwise provided by law.
B. The agreement provided for in this section is
to be known as an "installment agreement". If entered into after a court acquires
jurisdiction over the matter, the agreement shall be part of a stipulated order
or judgment disposing of the case.
C. At the time of entering into an installment
agreement, the secretary shall require the affected taxpayer or person to
furnish security for payment of the taxes admitted to be due according to the
terms of the agreement, but if the taxpayer does not provide security, the
secretary shall cause a notice of lien to be filed in accordance with the
provisions of Section 7-1-38 NMSA 1978, and when so filed it shall constitute a
lien upon all the property or rights to property of the taxpayer in that county
in the same manner as in the case of the lien provided for in Section 7-1-37
NMSA 1978.
D. An installment agreement is conclusive as to
liability for payment of the amount of taxes specified therein but does not
preclude the assessment of any additional tax.
E. After entering into the agreement, except in
unusual circumstances as require the secretary in his discretion to take
further action to protect the interests of the state, no further attempts to
enforce payment of the tax by levy or injunction shall be made; however, if
installment payments are not made on or before the times specified in the
agreement, if any other condition contained in the agreement is not met or if
the taxpayer does not make payment of all other taxes for which he becomes
liable as they are due, the secretary may proceed to enforce collection of the
tax as if the agreement had not been made or may proceed, as provided in
Section 7-1-54 NMSA 1978, against the security furnished.
F. Records of installment agreements in excess
of one thousand dollars ($1,000) shall be available for inspection by the
public. The department shall keep the
records for a minimum of three years from the date of the installment
agreement."
Section 3. Section 7-1-28 NMSA 1978 (being Laws 1965,
Chapter 248, Section 30, as amended) is amended to read:
"7-1-28. AUTHORITY FOR ABATEMENTS OF ASSESSMENTS OF
TAX.--
A. In response to a written protest against an
assessment, submitted in accordance with the provisions of Section 7-1-24 NMSA
1978, but before any court acquires jurisdiction of the matter, or when a
"notice of assessment of taxes" is incorrect, the secretary or the
secretary's delegate, with prior written approval of the attorney general, may
abate any part of an assessment determined by the secretary or the secretary's
delegate to have been incorrectly, erroneously or illegally made, except that
the secretary or the secretary's delegate may make abatements:
(1) with respect to the Oil and Gas Severance Tax
Act, the Oil and Gas Conservation Tax Act, the Oil and Gas Emergency School Tax
Act, the Oil and Gas Ad Valorem Production Tax Act, the Natural Gas Processors
Tax Act or the Oil and Gas Production Equipment Ad Valorem Tax Act, abatements
of gasoline tax made under Section 7-13-17 NMSA 1978 and abatements of
cigarette tax made under the Cigarette Tax Act without the prior approval of
the attorney general regardless of the amount;
(2) with respect to the Corporate Income and
Franchise Tax Act amounting to less than twenty thousand dollars ($20,000)
without prior approval of the attorney general; and
(3) amounting to less than ten thousand dollars
($10,000) without the prior written approval of the attorney general.
B. Pursuant to the final order of the district
court for Santa Fe county, the court of appeals, the supreme court of New
Mexico or any federal court, from which order, appeal or review is not
successfully taken by the department, adjudging that any person is not required
to pay any portion of tax assessed to that person, the secretary or the
secretary's delegate shall cause that amount of the assessment to be abated.
C. Pursuant to a compromise of taxes agreed to
by the secretary and according to the terms of the closing agreement
formalizing the compromise, the secretary or the secretary's delegate shall
cause the abatement of the appropriate amount of any assessment of tax.
D. The secretary or the secretary's delegate
shall cause the abatement of the amount of an assessment of tax that is equal
to the amount of fee paid to or retained by an out‑of-state attorney or
collection agency from a judgment or the amount collected by the attorney or
collection agency pursuant to Section 7-1-58 NMSA 1978.
E. Records of abatements made in excess of ten
thousand dollars ($10,000) shall be available for inspection by the
public. The department shall keep such
records for a minimum of three years from the date of the abatement."
Section 4. Section 7-1-29 NMSA 1978 (being Laws 1965,
Chapter 248, Section 31, as amended) is amended to read:
"7-1-29. AUTHORITY TO MAKE REFUNDS OR CREDITS.--
A. In response to a claim for refund made as
provided in Section 7-1-26 NMSA 1978, but before a court acquires jurisdiction
of the matter, the secretary or the secretary's delegate may authorize the
refund to a person of the amount of any overpayment of tax determined by the
secretary or the secretary's delegate to have been erroneously made by the
person, together with allowable interest.
A refund of tax and interest erroneously paid and amounting to more than
ten thousand dollars ($10,000) may be made to a person only with the prior
approval of the attorney general, except that the secretary or the secretary's
delegate may make refunds with respect to:
(1) the Oil and Gas Severance Tax Act, the Oil
and Gas Conservation Tax Act, the Oil and Gas Emergency School Tax Act, the Oil
and Gas Ad Valorem Production Tax Act, the Natural Gas Processors Tax Act or
the Oil and Gas Production Equipment Ad Valorem Tax Act, Section 7-13-17 NMSA
1978 and the Cigarette Tax Act without the prior approval of the attorney
general regardless of the amount; and
(2) the Corporate Income and Franchise Tax Act
amounting to less than twenty thousand dollars ($20,000) without the prior
approval of the attorney general.
B. Pursuant to the final order of the district
court, the court of appeals, the supreme court of New Mexico or a federal
court, from which order, appeal or review is not successfully taken, adjudging
that a person has made an overpayment of tax, the secretary shall authorize the
refund to the person of the amount thereof.
C. In the discretion of the secretary, any
amount of tax to be refunded may be offset against any amount of tax for which
the person due to receive the refund is liable.
D. In an audit by the department or a managed audit
covering multiple reporting periods where both underpayments and overpayments
of a tax have been made in different reporting periods, the department shall
credit the tax overpayments against the underpayments, provided that the
taxpayer files a claim for refund of the overpayments. An overpayment shall be applied as a credit
first to the earliest underpayment and then to succeeding underpayments. An underpayment of tax to which an
overpayment is credited pursuant to this section shall be deemed paid in the
period in which the overpayment was made or the period to which the overpayment
was credited against an underpayment, whichever is later. If the overpayments credited pursuant to this
section exceed the underpayments of a tax, the amount of the net overpayment
for the periods covered in the audit shall be refunded to the taxpayer.
E. When a taxpayer makes a payment identified to
a particular return or assessment, and the department determines that the
payment exceeds the amount due pursuant to that return or assessment, the
secretary may apply the excess to the taxpayer's other liabilities under the
tax acts to which the return or assessment applies, without requiring the
taxpayer to file a claim for a refund.
The liability to which an overpayment is applied pursuant to this
section shall be deemed paid in the period in which the overpayment was made or
the period to which the overpayment was applied, whichever is later.
F. If the department determines, upon review of
an original or amended income tax return, corporate income and franchise tax
return, estate tax return, special fuels excise tax return or oil and gas tax
return, that there has been an overpayment of tax for the taxable period to
which the return or amended return relates in excess of the amount due to be
refunded to the taxpayer under the provisions of Subsection J of Section 7-1-26
NMSA 1978, the department may refund that excess amount to the taxpayer without
requiring the taxpayer to file a refund claim.
G. Records of refunds made in excess of ten
thousand dollars ($10,000) shall be available for inspection by the
public. The department shall keep such
records for a minimum of three years from the date of the refund."
Section 5. Section 7-1-53 NMSA 1978 (being Laws 1965,
Chapter 248, Section 55, as amended) is amended to read:
"7-1-53. ENJOINING DELINQUENT TAXPAYER FROM CONTINUING
IN BUSINESS.--
A. To ensure or to compel payment of taxes and
to aid in the enforcement of the provisions of the Tax Administration Act, the
secretary may apply to a district court of this state to have any delinquent
taxpayer or person who may be or may become liable for payment of any tax
enjoined from engaging in business until the delinquent taxpayer ceases to be a
delinquent taxpayer or until the delinquent taxpayer or person complies with other requirements,
reasonably necessary to protect the revenues of the state, placed on the
delinquent taxpayer or person by the secretary.
B. Upon application to a court for an injunction
against a delinquent taxpayer, the court may forthwith issue an order
temporarily restraining the delinquent taxpayer from doing business. The court shall hear the matter within
fifteen days. Upon written request of
the taxpayer, the hearing may be held earlier.
Upon a showing by a preponderance of the evidence that the taxpayer is
delinquent and has been given notice of the hearing as required by law, the
court may enjoin the taxpayer from engaging in business in New Mexico until the
taxpayer ceases to be a delinquent taxpayer.
Upon issuing an injunction, the court may also order the business
premises of the taxpayer sealed by the sheriff and may allow the taxpayer
access thereto only upon approval of the court.
C. Upon application to a court for an injunction
against a person other than a delinquent taxpayer, the court:
(1) may issue an order temporarily restraining
the person other than the delinquent taxpayer from engaging in business;
(2) shall hear the matter within fifteen days,
except that the hearing may be held earlier if requested in writing by the
person who is the subject of the temporary restraining order; and
(3) may without delay issue an injunction to the
taxpayer in terms commanding the person who is the subject of the temporary
restraining order to refrain from engaging in business until that person
complies in full with the demand of the department to furnish security, if
there is a showing that:
(a) the person who is the subject of the
temporary restraining order has been given notice of the hearing for the
injunction as required by law;
(b) a demand by the department has been made upon
the taxpayer to furnish security;
(c) the taxpayer has not furnished security; and
(d) the secretary considers the collection from
the person primarily responsible for the total amount of tax due or reasonably
expected to become due to be in jeopardy.
D. A temporary restraining order or injunction
shall not issue by provision of this section against any person who has
furnished security in accordance with the provisions of Section 7-1-54 NMSA
1978. Upon a showing to the court by any
person against whom a temporary restraining order or writ of injunction has
issued by provision of this section that that person has furnished security in accordance
with the provisions of Section 7-1-54 NMSA 1978, the court shall dissolve or
set aside the temporary restraining order or injunction."
Section 6. Section 7-1-68 NMSA 1978 (being Laws 1965,
Chapter 248, Section 69, as amended) is amended to read:
"7-1-68. INTEREST ON OVERPAYMENTS.--
A. As provided in this section, interest shall
be allowed and paid on the amount of tax overpaid by a person that is
subsequently refunded or credited to that person.
B. Interest on overpayments of tax shall accrue
and be paid at the rate of fifteen percent a year, computed on a daily basis;
provided that if a different rate is specified by a compact or other interstate
agreement to which New Mexico is a party, that rate shall apply to amounts due
under the compact or other agreement.
C. Unless otherwise provided by this section,
interest on an overpayment not arising from an assessment by the department
shall be paid from the date of the claim for refund until a date preceding by
not more than thirty days the date of the credit or refund to any person;
interest on an overpayment arising from an assessment by the department shall
be paid from the date of overpayment until a date preceding by not more than
thirty days the date of the credit or refund to any person.
D. No interest shall be allowed or paid with
respect to an amount credited or refunded if:
(1) the amount of interest due is less than one
dollar ($1.00);
(2) the credit or refund is made within:
(a) fifty-five days of the date of the claim for
refund of income tax, pursuant to either the Income Tax Act or the Corporate
Income and Franchise Tax Act for the tax year immediately preceding the tax
year in which the claim is made; or
(b) seventy-five days of the date of the claim
for refund of gasoline tax to users of gasoline off the highways;
(3) the credit or refund is made within one
hundred twenty days of the date of the claim for refund of income tax, pursuant
to the Income Tax Act or the Corporate Income and Franchise Tax Act, for any
tax year more than one year prior to the year in which the claim is made;
(4) Sections 6611(f) and 6611(g) of the Internal Revenue Code, as those sections may
be amended or renumbered, prohibit payment of interest for federal income tax
purposes;
(5) the credit or refund is made within sixty
days of the date of the claim for refund of any tax other than income tax;
(6) the credit results from overpayments found in
an audit of multiple reporting periods and applied to underpayments found in
that audit or refunded as a net overpayment to the taxpayer pursuant to Section
7-1-29 NMSA 1978;
(7) the department applies the credit or refund
to an intercept program, to the taxpayer's estimated payment prior to the due
date for the estimated payment, or to offset prior liabilities of the taxpayer
pursuant to Subsection E of Section 7-1-29 NMSA 1978; or
(8) the credit or refund results from
overpayments the department finds pursuant to Subsection F of Section 7-1-29
NMSA 1978 that exceed the refund claimed by the taxpayer on the return.
E. Nothing in this section shall be construed to
require the payment of interest upon interest."
Section 7. EFFECTIVE DATE.--The effective date of the
provisions of this act is July 1, 2003.
HB 283
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