Bill > SB410

This bill amends the Tax Administration Act and the Withholding Tax Act to address federal partnership audit or adjustment requests that result in under- or over-payment of certain state taxes. Key provisions include: - Requiring taxpayers to file a federal adjustments report with the state within 180 days of a final federal adjustment and pay any additional state tax due, with specific timelines and requirements for partnerships and partners to report and pay. - Allowing partnerships to elect to pay an amount in lieu of their partners paying, and provides an alternative reporting and payment method for partnerships. - Extending the statute of limitations for the state to assess taxes related to federal adjustments. - Allowing taxpayers to claim refunds for net-negative federal adjustments. - Enacting a new section in the Withholding Tax Act to allow pass-through entities to file composite income tax returns on behalf of electing nonresident members.

Budget and Finance

https://www.nmlegis.gov/lcs/legislation.aspx?chamber=S&legtype=B&legno=410&year=21