Bill > SB99

This bill amends the existing laws in New Mexico related to tax-exempt organizations. The key provisions include: 1. Increasing the threshold for when a tax-exempt organization must have an annual financial audit from $250,000 to $750,000 in gross annual income. 2. Requiring tax-exempt organizations with over $750,000 in gross annual income to have their financial affairs audited annually by an independent auditor, and making the audit report (excluding donor information) a public record. 3. Requiring tax-exempt organizations with $750,000 or less in gross annual income to file a balance sheet with the agency they support, instead of a full audit. 4. Expanding the reporting requirements for charitable organizations that have received tax-exempt status under Section 501(c)(3) of the Internal Revenue Code, including the requirement to file their Form 990 tax return with the state Attorney General's office. 5. Increasing the threshold for when a charitable organization must be audited by an independent certified public accountant from $500,000 to $750,000 in total revenue. 6. Allowing the Attorney General to assess a late filing fee of $100 if a charitable organization fails to register or timely file its tax filings. The bill is set to take effect on January 1, 2022.

Budget and Finance, Business and Industry, Health and Social Services

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=99&year=21