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NMSA 1978 Chapter 7 — Taxation

NMSA 1978, § 7-1-20

Compromise of taxes; closing agreements

Official textnmonesource.comlast amended

# A.

At any time after the assessment of any tax or the denial of a refund or credit, if the secretary in good faith is in doubt of the correctness of the denial or liability for the payment of an assessment, the secretary may compromise the asserted liability for taxes or the denial by entering with the taxpayer into a written agreement that adequately protects the interests of the state.

# B.

The agreement provided for in this section is to be known as a "closing agreement". If entered into after any court acquires jurisdiction of the matter, the agreement shall be part of a stipulated order or judgment disposing of the case.

# C.

As a condition for entering into a closing agreement, the secretary may require the taxpayer to furnish security for payment of any taxes due according to the terms of the agreement.

# D.

A closing agreement is conclusive as to liability or nonliability for payment of assessed taxes or the denial of a refund or credit relating to the periods referred to in the agreement, and except upon a showing of fraud or malfeasance, or misrepresentation or concealment of a material fact:

# (1)

the agreement shall not be modified by any officer, employee or agent of the state; and

# (2)

in any suit, action or proceeding, the agreement or any determination, assessment, collection, payment, abatement, refund or credit made in accordance therewith shall not be annulled, modified, set aside or disregarded.

Amendment history

1953 Comp., § 72-13-34, enacted by Laws 1965, ch. 248, § 22; 1979, ch. 144, § 19; 1995, ch. 70, § 1; 2025, ch. 130, § 28.

Source: official source (NMSA chapter on nmonesource.com)

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In this article (40 sections)
  1. 7-1-11 · 7-1-11
  2. 7-1-11.1 · Managed audits
  3. 7-1-11.2 · Required audit notices
  4. 7-1-12 · Identification of taxpayers
  5. 7-1-12.1 · 7-1-12.1
  6. 7-1-12.2 · 7-1-12.2
  7. 7-1-13 · Taxpayer returns; payment of taxes; extension of time
  8. 7-1-13.1 · Method of payment of certain taxes due
  9. 7-1-13.2 · Repealed
  10. 7-1-13.3 · Repealed
  11. 7-1-13.4 · Electronic payments; reversals
  12. 7-1-14 · 7-1-14
  13. 7-1-15 · Secretary may set tax reporting and payment intervals
  14. 7-1-15.1 · Secretary may permit or require rounding
  15. 7-1-15.2 · Repealed
  16. 7-1-16 · Delinquent taxpayer
  17. 7-1-17 · Assessment of tax; presumption of correctness
  18. 7-1-17.1 · Tax liability; spouse or former spouse
  19. 7-1-18 · Limitation on assessment by department
  20. 7-1-19 · Limitation of actions
  21. 7-1-20 · Compromise of taxes; closing agreements
  22. 7-1-21 · Installment payments of taxes; installment agreements
  23. 7-1-21.1 · Special agreements; alternative gross receipts taxpayer
  24. 7-1-22 · Exhaustion of administrative remedies
  25. 7-1-23 · Disputing liabilities; election of remedies
  26. 7-1-24 · Disputing liabilities; administrative protest
  27. 7-1-24.1 · Repealed
  28. 7-1-25 · Appeals from hearing officer's decision and order
  29. 7-1-26 · Disputing liabilities; claim for rebate or refund
  30. 7-1-26.1 · Repealed
  31. 7-1-27 · 7-1-27
  32. 7-1-28 · Authority for abatements of assessments of tax
  33. 7-1-29 · Authority to make refunds, credits or rebates
  34. 7-1-29.1 · Awarding of costs and fees
  35. 7-1-29.2 · Credit claims
  36. 7-1-30 · Collection of penalties and interest
  37. 7-1-31 · Seizure of property by levy for collection of taxes
  38. 7-1-32 · Contents of warrant of levy
  39. 7-1-33 · Successive seizures
  40. 7-1-34 · Surrender of property subject to levy; penalty
Full table of contents →