Section 7-41-8 – Departments required to promulgate rules. (Repealed effective January 1, 2023.)
The taxation and revenue department and the human services department shall promulgate rules to carry out the provisions of the Health Care Quality Surcharge Act, as appropriate for each department, including the rate calculations required to be performed by the human services department, and the notification from that department to the taxation and revenue department […]
Section 7-42-1 – Short title.
Sections 43 through 47 [7-42-1 to 7-42-5 NMSA 1978] of this act may be cited as the “Cannabis Tax Act”. History: Laws 2021 (1st S.S.), ch. 4, § 43. ANNOTATIONS Effective dates. — Laws 2021 (1st S.S.), ch. 4 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective […]
Section 7-42-2 – Definitions.
As used in the Cannabis Tax Act: A. “cannabis”: (1) means all parts of the plant genus Cannabis containing a delta-9-tetrahydrocannabinol concentration of more than three-tenths percent on a dry weight basis, whether growing or not; the seeds of the plant; the resin extracted from any part of the plant; and every compound, manufacture, salt, […]
Section 7-40-6 – Credit; medical insurance pool assessments.
The assessment for any New Mexico medical insurance pool member pursuant to Section 59A-54-10 NMSA 1978 shall be allowed as a fifty percent credit on the tax return for that member and a seventy-five percent credit on the tax return for that member for the assessments attributable to pool policyholders that receive premiums, in whole […]
Section 7-40-7 – Date payment due.
A. Except as provided in Subsections B and C of this section, for each calendar quarter, an estimated payment of the premium tax and the health insurance premium surtax shall be made on April 15, July 15, October 15 and the following January 15. The estimated payments shall be equal to at least one-fourth of […]
Section 7-40-8 – Repealed.
History: Laws 2018, ch. 57, § 8; repealed by Laws 2019, ch. 47, § 4. ANNOTATIONS Repealed — Laws 2019, ch. 47, § 4 repealed 7-40-8 NMSA 1978, as enacted by Laws 2018, ch. 57, § 8, relating to penalty for failure to pay tax, serving process, appointment of secretary as process agent, effective June […]
Section 7-40-9 – Repealed.
History: Laws 2018, ch. 57, § 9; repealed by Laws 2019, ch, 47, § 4. ANNOTATIONS Repeals. — Laws 2019, ch. 47, § 4 repealed 7-40-9 NMSA 1978, as enacted by Laws 2018, ch. 57, § 9, relating to distribution of premium tax, refunds, effective June 14, 2019. For provisions of former section, see the […]
Section 7-40-10 – Department shall promulgate rules.
The department shall promulgate rules to carry out the provisions of the Insurance Premium Tax Act. History: Laws 2018, ch. 57, § 10. ANNOTATIONS Effective dates. — Laws 2018, ch. 57, § 32 made Laws 2018, ch. 57, § 10 effective January 1, 2020.
Section 7-40-2 – Definitions.
As used in the Insurance Premium Tax Act: A. “authorized insurer” means an insurer holding a valid and subsisting certificate of authority to transact insurance in this state; B. “certificate of authority” means the certificate of authority required to transact insurance in this state pursuant to Section 59A-5-10 NMSA 1978; C. “department” means the taxation […]
Section 7-40-3 – Imposition and rate of tax; denomination of “premium tax”, “health insurance premium surtax” and “self-insured group tax”.
A. The tax imposed pursuant to this subsection may be referred to as the “premium tax”. The premium tax is imposed at a rate of three and three-thousandths percent of the gross premiums and membership and policy fees received or written by a taxpayer on insurance or contracts covering risks within the state during the […]