Internal Revenue Code Adopted

Internal Revenue Code Adopted. (a) Definition: Internal Revenue Code. “Internal Revenue Code” means the following provisions of the Internal Revenue Code of 1986 as further amended as below specified, where not manifestly inapplicable or incompatible with the intent of the Covenant or this chapter and to the extent the IRC of 1954 remains applicable as set forth in the provisions under Subtitle G of United States Public Law 99-514, Subtitle A (26 U.S.C. § 1 et seq.) (not including Chapter 2 (26 U.S.C. § 1401 et seq.) and Section 931 (26 U.S.C. § 931)); chapters 24 and 25 of Subtitle C (26 U.S.C. § 2401 et seq. and § 3501 et seq.) with references to the collection of income tax at source on wages; and all provisions of Subtitle F (26 U.S.C. § 6001 et seq.) which apply to the income tax, including provisions as to crimes, other offenses, and forfeitures contained in Chapter 75 (26 U.S.C. § 7201 et seq.). (b) Internal Revenue Code: Further Amendments Adopted. All amendments to the Internal Revenue Code enacted into law after October 21, 1986, and before January 1, 1994, are adopted and incorporated by reference into this chapter. (c) Internal Revenue Code: Future Amendments Adopted. Except as otherwise provided, all future amendments to the Internal Revenue Code (and the effective dates thereof) are adopted and incorporated by reference into this chapter. (d) The following authorities are to be treated by the Governor, when performing his duties under this chapter, as authoritative interpretations of the NMTIT: (1) All present and future United States federal court cases, including Tax Court cases, decided under the United States income tax laws adopted by this chapter to the extent consistent with this chapter; (2) All present and future revenue rulings, revenue procedures, and Treasury decisions of the United States Treasury Department, promulgated under United States income tax laws adopted by this chapter or regulations prescribed by the Governor, to the extent consistent with this chapter, until such time as changed by the Governor pursuant to this chapter; (3) All present and future regulations under the Internal Revenue Code, promulgated under United States income tax laws adopted by this chapter, to the extent consistent with this chapter, until such time as changed by the Governor pursuant to this chapter. Source: PL 9-22, § 1 (§ 1702), modified (repealing PL 4-24, § 2, as amended by PL 4-39, § 3).