NMSA 1978, § 7-3A-8 — Withheld amounts credited against income tax

The entire amount of oil and gas proceeds and an allocable share of net income
upon which the tax was deducted and withheld or upon which payments were made by
owners in lieu of withholding shall be included in the base income of the remittee for
purposes of the Income Tax Act [Chapter 7, Article 2 NMSA 1978] and the Corporate
Income and Franchise Tax Act [Chapter 7, Article 2A NMSA 1978]. The amount of tax
deducted and withheld or payments made by owners in lieu of withholding pursuant to
the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act during the
taxable year shall be credited against any income tax or corporate income tax due from
the remittee or owner.