NMSA 1978, § 7-1-69.2 — Civil penalty for failure to correctly file certain deductions

In the case of a taxpayer that deducts gross receipts pursuant to Section 7-9-92 or
7-9-93 NMSA 1978 instead of deducting or exempting gross receipts pursuant to
another applicable provision of the Gross Receipts and Compensating Tax Act [Chapter
7, Article 9 NMSA 1978] as required by those sections, there shall be assessed a
penalty on the taxpayer in an amount equal to twenty percent of the value of the hold
harmless distribution resulting from the incorrect deduction.