us-nm/stat
NMSA 1978, § 7-1-6 — Receipts; disbursements; funds created
A.
All money received by the department with respect to laws administered pursuant
to the provisions of the Tax Administration Act shall be deposited with the state
treasurer before the close of the next succeeding business day after receipt of the
money, except that money received with respect to the Income Tax Act [Chapter 7,
Article 2 NMSA 1978] and the Corporate Income and Franchise Tax Act [Chapter 7,
Article 2A NMSA 1978] during the period starting with the fifth day prior to the due date
for payment of the taxes for the year and ending on the tenth day following that due
date shall be deposited before the close of the tenth business day after receipt of the
money.
B.
Money received or disbursed by the department shall be accounted for by the
department as required by law or rule of the secretary of finance and administration.
C.
Disbursements for tax credits, tax rebates, refunds, the payment of interest, the
payment of fees charged by attorneys or collection agencies for collection of accounts
as agent for the department, attorney fees and costs awarded by a court or hearing
officer, the payment of credit card service charges on payments of taxes by use of credit
cards, distributions and transfers shall be made by the department of finance and
administration upon request and certification of their appropriateness by the secretary or
the secretary's delegate.
D.
There are hereby created in the state treasury the "tax administration suspense
fund", the "extraction taxes suspense fund" and the "workers' compensation collections
suspense fund" for the purpose of making the disbursements authorized by the Tax
Administration Act.
E.
All revenues collected or received by the department pursuant to the provisions
of the taxes and tax acts set forth in Subsection A of Section 7-1-2 NMSA 1978 shall be
credited to the tax administration suspense fund and are appropriated for the purpose of
making the disbursements authorized in this section or otherwise authorized or required
by law to be made from the tax administration suspense fund.
F.
All revenues collected or received by the department pursuant to the taxes or tax
acts set forth in Subsection B of Section 7-1-2 NMSA 1978 shall be credited to the
extraction taxes suspense fund and are appropriated for the purpose of making the
disbursements authorized in this section or otherwise authorized or required by law to
be made from the extraction taxes suspense fund.
G.
All revenues collected or received by the department pursuant to the taxes or tax
acts set forth in Subsection C of Section 7-1-2 NMSA 1978 may be credited to the tax
administration suspense fund, unless otherwise directed by law to be credited to
another fund or agency, and are appropriated for the purpose of making disbursements
authorized in this section or otherwise authorized or required by law.
H.
All revenues collected or received by the department pursuant to the provisions
of Section 52-5-19 NMSA 1978 shall be credited to the workers' compensation
collections suspense fund and are appropriated for the purpose of making the
disbursements authorized in this section or otherwise authorized or required by law to
be made from the workers' compensation collections suspense fund.
I.
Disbursements to cover expenditures of the department shall be made only upon
approval of the secretary or the secretary's delegate.
J.
Miscellaneous receipts from charges made by the department to defray
expenses pursuant to the provisions of Section 9-11-6.1 NMSA 1978 and similar
charges are appropriated to the department for its use.
K.
From the tax administration suspense fund, there may be disbursed each month
amounts approved by the secretary or the secretary's delegate necessary to maintain a
fund hereby created and to be known as the "income tax suspense fund". The income
tax suspense fund shall be used for the payment of income tax refunds.
Source: official text