NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-7-20
Credit against tax
Official textnmonesource.comlast amended
# 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).
Amendment history
1978 Comp., § 7-7-20, enacted by Laws 1983, ch. 209, § 6; 1987, ch. 164, § 2.
Source: official source (NMSA chapter on nmonesource.com)
In this article (18 sections)
- 7-7-1 · Short title
- 7-7-2 · Definitions
- 7-7-3 · Residents; tax imposed; credit for tax paid other state
- 7-7-4 · Nonresidents; tax imposed; exemption
- 7-7-5 · Tax return
- 7-7-6 · Date payment due
- 7-7-7 · 7-7-7
- 7-7-8 · Department to file certificate; final settlement of account
- 7-7-9 · 7-7-9
- 7-7-10 · Administration
- 7-7-11 · Sale of property to pay tax
- 7-7-12 · Liability for failure to pay tax before distribution or…
- 7-7-15 · Short title
- 7-7-16 · Definitions
- 7-7-17 · Payment of estate tax in works of art
- 7-7-18 · Procedure for payment in works of art
- 7-7-19 · Agreement on valuation
- 7-7-20 · Credit against tax