New Mexico Administrative Code

12/29/00, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the gaming tax.

"Gross receipts" means the total amount of money or the value of other consideration received less cash discounts allowed and taken, refunds and allowances made to buyers or lessees and, for a person reporting gaming tax on an accrual basis, amounts written off the books as an un…

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630

A. Modified gross income definitions. (1) The following definitions apply in determining the amount of modified gross income for each taxable year: (a) "Social Security Benefits" means only cash payments made pursuant to Title II of the Social Security Act for old age, survivors …

A. Except as otherwise provided by 3.3.1.11 NMAC, each dependent claimed as a personal exemption for New Mexico income tax purposes must meet the tests of dependency in Section 152 of the Internal Revenue Code as amended or renumbered. The taxpayer shall provide the name of each …

A. Income from United States government obligations. (1) Income from obligations issued by the United States are not includable in net income. (2) Because they are not obligations of the United States, income from investment in the following is includable in net income: (a) finan…

A. Net operating losses; generated by deduction of income from United States obligations. (1) Section 3.3.1.13 NMAC and subsections thereunder apply to the income of a taxpayer derived from any unincorporated business. (2) If, for an unincorporated business, the exclusion of inco…

This part applies to each resident of New Mexico and to each nonresident employed or engaged in the transaction of business in, into or from New Mexico or deriving any income from any property or employment in New Mexico.

Section 9-11-6.2 NMSA 1978.

Permanent.

1/15/97, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Income Tax Act.

For purposes of Subsection S of Section 7-2-2 NMSA and Section 3.3.1.9 NMAC, a "day" is any consecutive 24-hour period.

Unless otherwise stated, all citations of statutes in Title 3, Chapter 3 NMAC pertaining to the Income Tax Act are to the New Mexico Statutes Annotated, 1978 (NMSA 1978).

A. Full-year residents. For purposes of the Income Tax Act, the following are full-year residents of this state: (1) an individual domiciled in this state during all of the taxable year, or (2) an individual other than an individual described in Subsection D of this section who i…

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630.

A. Any individual who has income from both within and without this state and who claims a personal exemption amount pursuant to Section 7-2-2 NMSA 1978, Subsection N, Paragraph (6) for taxable years beginning in 1987, 1988 or 1989 and Paragraph (3) for taxable years beginning on …

A. All compensation received while a resident of New Mexico shall be allocated to this state whether or not such compensation is earned from employment in this state. B. Example 1: X is a "resident" of New Mexico pursuant to Section 7-2-2 NMSA 1978. For six weeks during the taxab…

A. For the purposes of this section (3.3.11.12 NMAC), the term "unincorporated business entity" means any person engaging in business other than an individual, a sole proprietor or a corporation, except that corporations or other business entities electing to be treated as partne…

A. "Retirement income" as used in this regulation means "retirement income" as defined by 4 U.S.C. Section 114(b)(1), as that paragraph may be amended or renumbered. Retirement income is compensation for purposes of the Income Tax Act. B. Retirement income of a resident is alloca…

A. Income of an individual, other than a dealer holding securities for sale to customers in the ordinary course of the dealer's trade or business, from the purchase or sale of securities for the individual's own account or from the writing of securities option contracts for the i…

This part applies to each resident of New Mexico and to each nonresident employed or engaged in the transaction of business in, into or from New Mexico or deriving any income from any property or employment in New Mexico.

Section 9-11-6.2 NMSA 1978.

Permanent.

1/15/97, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Income Tax Act.

[Reserved]

A. A non-resident taxpayer whose only income from New Mexico sources is royalty income of less than five thousand dollars ($5,000) may elect to compute the New Mexico income tax due based on the gross royalty income received in lieu of filing a complete New Mexico tax return incl…

A. Any individual who has income from both within and without this state and who claims the standard or itemized deductions provided by Section 7-2-2 NMSA 1978, Subsection N, Paragraphs (1) through (5) for taxable years beginning in 1987, 1988 or 1989 and Paragraphs (1) and (2) f…

Taxation and Revenue Department, Joseph M. Montoya Building, 1150 South St. Francis Drive, P.O. Box 630, Santa Fe NM 97504-0630

A. The purpose of this regulation is to state the requirements for the acceptance of computer-generated New Mexico individual income tax return forms (i.e., PIT-1, PIT-B, PIT-CG, PIT-D, PIT-RC and other related schedules). Subject to the specifications and conditions enumerated i…

The filing of a "tentative" return is not allowed by taxpayers filing New Mexico income tax returns within the meaning of Section 7-2-12 NMSA 1978. Taxpayers wishing to make a prepayment of their tentative or estimated tax liability prior to the due date of the return should use …

A. A taxpayer filing a New Mexico income tax return shall use the same filing status for New Mexico purposes as for federal purposes for the taxable year. Spouses using the status "married filing jointly" for federal purposes must use the same status for New Mexico purposes; thos…

A taxpayer, a taxpayer's representative or a tax return preparer may file the personal income tax return and associated schedules in an electronic format that meets all criteria for filing through an electronic media as set forth by the department. Returns filed through an electr…

Payment pursuant to the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act by an oil and gas proceeds remitter or a pass-through entity of withholding tax required to be withheld from payments to a remittee or an owner relate to the remittee's or owner's income tax …

All persons filing or required to file a New Mexico income tax return and all tax return preparers and persons printing New Mexico income tax forms.

Section 9-11-6.2 NMSA 1978.

Permanent.

1/31/96, unless a later date is cited at the end of a section, in which case the later date is the effective date.

The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Income Tax Act.

[Reserved]

A. The purpose of this regulation is to state the requirements for the acceptance of reproduced or privately printed New Mexico individual income tax return forms (i.e., PIT-1, PIT-B, PIT-CG, PIT-D, PIT-RC and other related schedules). Subject to the specifications and conditions…

Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630

A. Cultural property credit defined. The preservation of cultural property credit is a credit against a taxpayer's New Mexico personal income tax due for amounts expended for the restoration, rehabilitation and preservation of cultural property owned by the taxpayer and listed on…

A. No qualified business facility rehabilitation credit allowed for cultural or historic properties. No qualified business facility rehabilitation credit will be allowed for any qualified business facility that is also: (1) a building listed on the official New Mexico register of…

This part applies to each resident of New Mexico and to each nonresident employed or engaged in the transaction of business in, into or from New Mexico or deriving any income from any property or employment in New Mexico.

Section 9-11-6.2 NMSA 1978.