us-nm/stat
NMSA 1978, § 7-7-20 — Credit against tax
A.
Upon assumption of title to a work of art by the board, the department shall credit
against the amount owed by the estate the valuation of that work of art as agreed upon
under Section 7-7-19 NMSA 1978. In no case shall any credit allowed by the Art
Acceptance Act [7-7-15 to 7-7-20 NMSA 1978] be greater than the amount of the estate
tax owed by the decedent's estate.
B.
The board shall not during any fiscal year assume title to works of art which have
an aggregate value of more than five million dollars ($5,000,000).
Source: official text