NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-3-5
7-3-5
Withholder liable for amounts deducted and withheld;
exceptions.
Every withholder shall be liable for amounts required to be deducted and withheld by the Withholding Tax Act regardless of whether the amounts were in fact deducted and withheld, except that:
# A.
if the withholder fails to deduct and withhold the required amounts and if the tax against which the required amounts would have been credited is paid, the withholder shall not be liable for those amounts not deducted and withheld; or
# B.
if the withholder's failure to deduct and withhold the required amounts was due to reasonable cause, the withholder shall not be liable for amounts not deducted and withheld.
Amendment history
1953 Comp., § 72-15-53, enacted by Laws 1961, ch. 243, § 5; 1990, ch. 64, § 4; 1999, ch. 14, § 2; 2010, ch. 53, § 4.
Source: official source (NMSA chapter on nmonesource.com)
In this article (14 sections)
- 7-3-1 · Short title
- 7-3-2 · Definitions
- 7-3-3 · Tax withheld at source
- 7-3-4 · Deductions considered taxes
- 7-3-5 · 7-3-5
- 7-3-6 · Date payment due
- 7-3-7 · Statements of withholding
- 7-3-8 · 7-3-8
- 7-3-9 · Withheld amounts credited against tax
- 7-3-10 · Voluntary submission to act
- 7-3-11 · Acts to be performed by agents; liability of third parties
- 7-3-12 · Repealed
- 7-3-13 · Withholding return required
- 7-3-14 · Composite returns