Chapter 7, Article 3A NMSA 1978 may be referred to as the “Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act”. History: 1978 Comp., § 7-3A-1, enacted by Laws 2003, ch. 86, § 4; 2010, ch. 53, § 8. ANNOTATIONS The 2010 amendment, effective May 19, 2010, added “and Pass-Through Entity”. Applicability. — Laws […]
As used in the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act: A. “department” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; B. “Internal Revenue Code” means the Internal Revenue Code of 1986, […]
A. Except as otherwise provided in this section, a remitter shall deduct and withhold from each payment of oil and gas proceeds being made to a remittee for each quarter an amount equal to the rate specified in Subsection D of this section multiplied by the amount prior to withholding that otherwise would have been […]
Amounts deducted under the provisions of the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act are a collected tax. A remittee who receives payment of oil and gas proceeds or an owner with an allocable share of net income does not have a right of action against the remitter or pass-through entity for […]
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 […]
A. Amounts withheld under the provisions of the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act by a remitter are due on or before the twenty-fifth day of the month following the end of the calendar quarter when the taxes were required to be withheld. B. Amounts withheld under the provisions of the […]
A. Every remitter shall: (1) file an annual statement of withholding for each remittee that: (a) is in electronic format and includes a form 1099-Misc or a successor form or on a pro forma 1099-Misc or a successor form for those entities that do not receive an internal revenue service form 1099-Misc; (b) is filed […]
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 […]
A. The department shall interpret the provisions of the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act. B. The department shall administer and enforce the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act, and the Tax Administration Act [Chapter 7, Article 1 NMSA 1978] applies to the administration and enforcement of […]
