HOUSE BILL 589

49th legislature - STATE OF NEW MEXICO - first session, 2009

INTRODUCED BY

Elias Barela

AN ACT

RELATING TO TAXATION; DIRECTING THE TAXATION AND REVENUE DEPARTMENT TO CONDUCT A TEMPORARY TAX AMNESTY PROGRAM; ESTABLISHING A MAXIMUM WAIVER AMOUNT; MAKING AN APPROPRIATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. TEMPORARY TAX AMNESTY PROGRAM--APPROPRIATION.--

          A. Five hundred thousand dollars ($500,000) is appropriated from the general fund to the taxation and revenue department for expenditure in fiscal year 2010 for the purpose of conducting a tax amnesty program as provided in Subsection B of this section. Any unexpended or unencumbered balance remaining at the end of fiscal year 2010 shall revert to the general fund.

          B. For the taxes and tax acts administered under the Tax Administration Act, the secretary of taxation and revenue, with the concurrence of the governor, is authorized to declare an amnesty period of no more than ninety days, provided that any amnesty period shall occur within fiscal year 2010. All revenue collected as a result of the tax amnesty shall be identified specifically and reported to the first session of the fiftieth legislature.

          C. The secretary of taxation and revenue is authorized to waive, during the amnesty period only, the interest and penalty provisions under Sections 7-1-67 and 7-1-69 NMSA 1978 on taxes that were due and not assessed prior to the day the amnesty period begins; provided that the total amount that may be waived pursuant to this section with respect to any one taxpayer shall not exceed twenty-five thousand dollars ($25,000).

     Section 2. DELAYED REPEAL.--The provisions of this act are repealed effective July 1, 2010.

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