Bill > SB55

This bill revises the requirements for audits of tax-exempt organizations in New Mexico. The key provisions are: 1. It increases the threshold for when a tax-exempt organization must have an annual financial audit from $250,000 to $750,000 in gross annual income. Organizations with $750,000 or less in gross annual income can instead file a balance sheet showing their assets, liabilities, income, and expenditures. 2. It requires tax-exempt organizations that are required to file a Form 990, 990EZ, or 990PF with the IRS to also file those forms annually with the New Mexico Attorney General's office. These forms will be public records. 3. It gives the Attorney General the authority to require a tax-exempt organization to submit an audit if the Attorney General believes it is in the public interest, even if the organization's gross annual income is below the $750,000 audit threshold. 4. It imposes a $100 late filing fee if a tax-exempt organization fails to timely file its tax filings with the Attorney General. The bill aims to increase transparency and oversight of tax-exempt organizations that receive public funds or property in New Mexico.

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=55&year=22