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Bill > HB218

NM HB218

NM HB218
Tax Changes

summary

Introduced
01/29/2025
In Committee
03/14/2025
Crossed Over
02/15/2025
Passed
03/17/2025
Dead
Signed/Enacted/Adopted
04/09/2025

Introduced Session

2025 Regular Session

Bill Summary

AN ACT RELATING TO TAXATION; UPDATING AND DELETING OUTDATED PROVISIONS IN CERTAIN SECTIONS OF CHAPTER 7 NMSA 1978; AMENDING CERTAIN PROVISIONS OF THE METROPOLITAN REDEVELOPMENT CODE AND THE TAX INCREMENT FOR DEVELOPMENT ACT TO CONFORM WITH DESTINATION SOURCING; AMENDING THAT SECTION OF LAW THAT ALLOWS THE TAXATION AND REVENUE DEPARTMENT TO MAKE ADJUSTMENTS OF DISTRIBUTIONS AND TRANSFERS TO POLITICAL SUBDIVISIONS; INCREASING THE AMOUNT AND EXTENDING THE TIME PERIOD THE SECRETARY OF TAXATION AND REVENUE MAY SET TAX REPORTING AND PAYMENT INTERVALS; INCREASING THE AMOUNT A TAXPAYER MAY OWE TO ALLOW QUARTERLY OR SEMIANNUAL FILING; ALLOWING THE SECRETARY OF TAXATION AND REVENUE TO COMPROMISE ASSERTED LIABILITY IN THE CASE OF A DENIAL OF A REFUND OR CREDIT; INCREASING THE AMOUNT OF INSTALLMENT AGREEMENTS, ABATEMENTS, REFUNDS AND CREDITS THAT SHALL BE MADE AVAILABLE FOR PUBLIC INSPECTION; ALLOWING A COMPLETED RETURN TO CONSTITUTE A FILING OF A CLAIM FOR REFUND; REMOVING ATTORNEY GENERAL APPROVAL OF CLOSING AGREEMENTS AND OF REFUNDS OVER TWENTY THOUSAND DOLLARS ($20,000); AMENDING CERTAIN PROVISIONS REGARDING A LIEN FOR A TAX LIABILITY; AMENDING CERTAIN PROVISIONS ON INTEREST ON DEFICIENCIES; PROVIDING THAT ELECTRONIC FILERS FILE AND PAY WITH THE SAME DEADLINE AS ALL OTHER FILERS; REMOVING CONTINGENT RATES FOR THE PETROLEUM PRODUCTS LOADING FEE; PROVIDING THAT LOCAL OPTION GROSS HB 218/a RECEIPTS AND COMPENSATING TAX RATES SHALL BE EFFECTIVE ON JULY 1 FOLLOWING ELECTION OR ADOPTED ORDINANCE UNLESS AN EMERGENCY OR UNFORESEEN OCCURRENCE OCCURS; STREAMLINING ADVANCE PAYMENTS OF CERTAIN OIL AND GAS TAXES; ALLOWING TAX LIENS TO BE RECORDED WITHOUT A NOTARY SIGNATURE; ALIGNING A WORKERS' COMPENSATION FEE DUE DATE TO THE WITHHOLDING TAX DUE DATE; AMENDING A SECTION OF LAWS 2024, CHAPTER 41; AMENDING AND REPEALING SECTIONS OF THE NMSA 1978.

AI Summary

This bill makes numerous technical amendments and updates to various sections of New Mexico's tax code. Here's a comprehensive summary: This bill makes comprehensive updates to New Mexico's tax laws, focusing on several key areas including tax credits, deductions, administrative procedures, and tax increments. The bill updates provisions related to sustainable building tax credits, rural job tax credits, solar market development credits, and geothermal electricity generation credits. It modifies the Metropolitan Redevelopment Code and Tax Increment for Development Act to conform with destination sourcing rules. The legislation increases the amount and extends the time periods for tax reporting and payment intervals, and allows the Secretary of Taxation and Revenue more flexibility in compromising tax liabilities and setting reporting schedules. Key changes include allowing a completed tax return to constitute a claim for refund, removing the Attorney General's approval for certain tax refunds and closing agreements, and adjusting how tax liens can be recorded. The bill also streamlines advance payments for oil and gas taxes, aligns workers' compensation fee due dates with withholding tax dates, and makes various technical corrections and repeals to existing tax statutes. These changes aim to modernize tax administration, provide more administrative flexibility, and update various tax-related provisions to reflect current business practices and technological capabilities.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Signed by Governor - Chapter 130 - Apr. 9 (on 04/09/2025)

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