NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-3A-5
7-3A-5
Remitters and pass-through entities liable for amounts deducted and withheld; exceptions.
# A.
Every remitter or pass-through entity is liable for:
# (1)
amounts required to be deducted and withheld by the Oil and Gas
Proceeds and Pass-Through Entity Withholding Tax Act regardless of whether the amounts were in fact deducted and withheld; and
# (2)
for the amounts that a remittee or an owner has agreed to remit pursuant to Subsection G of Section 7-3A-3 NMSA 1978, once the department has notified the remitter or pass-through entity that the remittee or owner has failed to remit.
# B.
A remitter or pass-through entity is not liable for amounts required to be deducted and withheld by the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act but not deducted or withheld if:
# (1)
the remitter or pass-through entity fails to deduct and withhold the required amounts and if the tax against which the required amounts would have been credited is paid; or
# (2)
the remitter's or pass-through entity's failure to deduct and withhold the required amounts is due to reasonable cause.
Amendment history
1978 Comp., § 7-3A-5, enacted by Laws 2003, ch. 86, § 8; 2010, ch. 53, § 12; 2012, ch. 40, § 4.
Source: official source (NMSA chapter on nmonesource.com)
In this article (10 sections)
- 7-3A-1 · Short title
- 7-3A-2 · Definitions
- 7-3A-3 · Withholding from oil and gas proceeds and net income
- 7-3A-4 · Deductions considered taxes
- 7-3A-5 · 7-3A-5
- 7-3A-6 · Date payment due; form
- 7-3A-7 · Statements of withholding
- 7-3A-8 · Withheld amounts credited against income tax
- 7-3A-9 · Interpretation of act; administration and enforcement of act
- 7-3A-10 · Election of entity-level tax; credit