us-nm/stat
NMSA 1978, § 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 seventy-two 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 the secretary's 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 the taxpayer 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.
Source: official text