Chapter 7 — Chapter 7

Article VIII of the Multistate Tax Compact relating to interaudits shall be in force in and with respect to New Mexico. History: 1953 Comp., § 72-15A-44, enacted by Laws 1967, ch. 56, § 8.

This act may be cited as the "Streamlined Sales and Use Tax Administration Act". History: Laws 2005, ch. 225, § 1.

The legislature finds that a simplified sales tax and use tax system that treats transactions in a competitively neutral manner will strengthen and preserve sales taxes and use taxes as vital revenue sources for this state and its local governments and will help preserve the fisc…

As used in the Streamlined Sales and Use Tax Administration Act: A. "agreement" means the streamlined sales and use tax agreement; B. "certified automated system" means software certified jointly by member states to: (1) calculate the sales tax imposed by each jurisdiction on a t…

A. The secretary of taxation and revenue may enter into the agreement with one or more member states to simplify and modernize sales tax and use tax administration and to reduce the burden of tax compliance for sellers. B. The secretary of taxation and revenue is authorized to: (…

A provision of the agreement does not invalidate or amend any provision of state law. Implementation of a condition of the agreement shall be adopted by the legislature. History: Laws 2005, ch. 225, § 5.

The secretary of taxation and revenue shall not enter into the agreement unless the agreement: A. sets restrictions to achieve more uniform state tax rates by limiting: (1) the number of member state tax rates; (2) the application of maximums on the amount of member state taxes d…

The agreement is an accord among member states in furtherance of their governmental functions. The agreement permits each member state to establish and maintain a cooperative, uniform, simplified system to apply sales taxes and use taxes pursuant to the law of the member state. H…

A. The agreement binds and benefits only this state and other member states. Only a member state is an intended beneficiary of the agreement. A benefit to a person other than a member state is established by the law of this state and member states and not by the terms of the agre…

A. A certified service provider is liable for sales taxes and use taxes due from each member state on each sales transaction that it processes for the seller, except as otherwise provided by this section. A seller that contracts with the certified service provider is not liable t…

Sections 7-7-1 through 7-7-12 NMSA 1978 may be cited as the "Estate Tax Act". History: 1953 Comp., § 72-33-1, enacted by Laws 1973, ch. 345, § 1; 1989, ch. 122, § 1.

The Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] shall be administered and enforced as provided in the Tax Administration Act [Chapter 7, Article 1 NMSA 1978]. History: 1953 Comp., § 72-33-10, enacted by Laws 1973, ch. 345, § 10.

A personal representative may sell so much of any property as is necessary to pay the taxes due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978]. A personal representative may sell so much of any property specifically bequeathed or devised as is necessary to pay the proportio…

A. Any personal representative who distributes any property without first paying, securing another's payment of, or furnishing security for payment of the taxes due under the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] is personally liable for the taxes due to the extent of the va…

Sections 7-7-15 through 7-7-20 NMSA 1978 may be cited as the "Art Acceptance Act". History: 1978 Comp., § 7-7-15, enacted by Laws 1983, ch. 209, § 1; 1993, ch. 30, § 13.

As used in the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978]: A. "board" means the board of regents of the museum of New Mexico; B. "decedent" means the deceased individual; C. "division" or "department" means the taxation and revenue department, the secretary of taxation and r…

A decedent's estate may pay all or part of any tax owed by the decedent's estate to the state by payment in the form of one or more works of art in the manner provided by the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978], provided: A. the decedent has so directed by a will; or …

A. The personal representative desiring to pay all or part of an estate tax owed the state in the form of one or more works of art shall first obtain an appraisal of the work acceptable to the federal internal revenue service and shall then notify the museum director in writing o…

A. If the board finds that it would be advantageous for the state to accept payment in one or more works of art as payment or partial payment for the estate tax, the personal representative shall, as a condition of state acceptance of this method of payment, forward a copy of the…

As used in the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978]: 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. "certificate…

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…

A. A tax in an amount equal to the federal credit is imposed on the transfer of the net estate of every resident. B. If any property of a resident is subject to a death tax imposed by another state for which a credit is allowed by Section 2011, and if the tax imposed by the other…

A. Tax in an amount computed as provided in this section is imposed on the transfer of the net estate located in New Mexico of every nonresident. B. The tax shall be computed by multiplying the federal credit by a fraction, the numerator of which is the value of the property loca…

The personal representative of every estate subject to the tax imposed by the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] who is required by the laws of the United States to file a federal estate tax return shall file with the department on or before the date the federal estate ta…

The taxes imposed by the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] shall be paid by the personal representative on or before the date the return for the taxes is required by Section 7-7-5 NMSA 1978 to be filed. History: 1953 Comp., § 72-33-6, enacted by Laws 1973, ch. 345, § 6; …

return. Interest, as provided in the Tax Administration Act [Chapter 7 Article 1 NMSA 1978], shall be paid to the state on the amount of tax due under the Estate Tax Act [7-7-1 to 7- 7-12 NMSA 1978], from the first day following the day on which payment of the tax would be due in…

A. Except as otherwise provided in Subsection B of this section, the department shall file a certificate with the clerk of the county in which the estate or any part of it is located when: (1) no taxes imposed by the Estate Tax Act [7-7-1 to 7-7-12 NMSA 1978] are due; or (2) the …

department. A. If no person interested in the estate of a decedent applies for letters testamentary or of administration within thirty days after the death of the decedent, the department may apply to the probate court having jurisdiction for the appointment of an administrator a…

As used in the Uniform Unclaimed Property Act (1995): (1) "administrator" means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department who exercises authority lawfully delegated to him by the secretary; (2) "apparent owner" me…

(a) In this section, payment or delivery is made in "good faith" if: (1) payment or delivery was made in a reasonable attempt to comply with the Uniform Unclaimed Property Act (1995); (2) the holder was not then in breach of a fiduciary obligation with respect to the property and…

A. Notwithstanding any other provisions of the Uniform Unclaimed Property Act (1995), the holder of unclaimed intangible property in the form of checks in payment of royalty interests, working interests or other interests payable out of oil and gas production with a value of fift…

account. If property other than money is delivered to the administrator under the Uniform Unclaimed Property Act (1995), the owner is entitled to receive from the administrator any income or gain realized or accruing on the property at or before liquidation or conversion of the p…

A. Except as otherwise provided in this section, the administrator, within three years after the receipt of abandoned property, shall sell it to the highest bidder at public sale at a location in this state or by any reasonable method, which in the judgment of the administrator a…

A. Except as otherwise provided by this section, the administrator shall promptly deposit in the tax administration suspense fund for distribution pursuant to the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978] all money received under the Uniform Unclai…

(a) After property has been paid or delivered to the administrator under the Uniform Unclaimed Property Act (1995), another state may recover the property if: (1) the property was paid or delivered to the custody of this state because the records of the holder did not reflect a l…

administrator. (a) A person, excluding another state, claiming property paid or delivered to the administrator may file a claim on a form prescribed by the administrator and verified by the claimant. (b) Within ninety days after a claim is filed, the administrator shall allow or …

A. A person aggrieved by a decision of the administrator may file an appeal pursuant to the provisions of Section 39-3-1.1 NMSA 1978. B. A person whose claim has not been acted upon within ninety days after its filing may maintain an original action to establish the claim in the …

(a) The administrator may decline to receive property reported under the Uniform Unclaimed Property Act (1995) which the administrator considers to have a value less than the expenses of notice and sale. (b) A holder, with the written consent of the administrator and upon conditi…

substantial commercial value; immunity from liability. If the administrator determines after investigation that property delivered under the Uniform Unclaimed Property Act (1995) has no substantial commercial value, the administrator may destroy or otherwise dispose of the proper…

(a) The expiration, before or after the effective date of the Uniform Unclaimed Property Act (1995), of a period of limitation on the owner's right to receive or recover property, whether specified by contract, statute or court order, does not preclude the property from being pre…

A. Property is presumed abandoned if it is unclaimed by the apparent owner during the time set forth below for the particular property: (1) traveler's check, fifteen years after issuance; (2) money order, seven years after issuance; (3) stock or other equity interest in a busines…

(a) The administrator may require a person who has not filed a report, or a person whom the administrator believes has filed an inaccurate, incomplete or false report, to file a verified report in a form specified by the administrator. The report must state whether the person is …

(a) Except as otherwise provided in Subsection (b) of this section, a holder required to file a report under Section 7 [7-8A-7 NMSA 1978] of the Uniform Unclaimed Property Act (1995) shall maintain the records containing the information required to be included in the report for t…

The administrator may maintain an action in this or another state to enforce the Uniform Unclaimed Property Act (1995). The court may award reasonable attorney's fees to the prevailing party. History: Laws 1997, ch. 25, § 22.

reciprocal actions with other states. (a) The administrator may enter into an agreement with another state to exchange information relating to abandoned property or its possible existence. The agreement may permit the other state, or another person acting on behalf of a state, to…

(a) A holder who fails to report, pay or deliver property within the time prescribed by the Uniform Unclaimed Property Act (1995) shall pay to the administrator interest at the annual rate set forth in Section 7-1-67 NMSA 1978 on the property or value thereof from the date the pr…

A. An agreement by an owner, the primary purpose of which is to locate, deliver, recover or assist in the recovery of property that is presumed abandoned, is void and unenforceable if it was entered into during the period commencing on the date the property was presumed abandoned…

The Uniform Unclaimed Property Act (1995) does not apply to: (1) property held, due and owing in a foreign country and arising out of a foreign transaction; (2) funds in a member's share account in a credit union if the bylaws of the credit union provide for unclaimed funds to be…

(a) An initial report filed under the Uniform Unclaimed Property Act (1995) for property that was not required to be reported before the effective date of that act, but which is subject to that act, must include all items of property that would have been presumed abandoned during…

The administrator may adopt pursuant to the State Rules Act [Chapter 14, Article 4 NMSA 1978] rules necessary to carry out the Uniform Unclaimed Property Act (1995). History: Laws 1997, ch. 25, § 28.