N.M. Admin. Code § 3.3.20.8

Current through Register Vol. 35, No. 23, December 10, 2024

Section 3.3.20.8 - INFORMATION RETURNS; RENTS AND ROYALTIES

A. Persons paying rents and royalties from oil and gas properties located in New Mexico, who are required to file internal revenue service information return Form 1099-MISC on such payments shall file the rent and royalty information with the department in the manner stated below.

(1) Persons paying such rents and royalties on properties located in New Mexico are required to segregate the New Mexico rents and royalties paid from the rents and royalties paid everywhere and report only those rents and royalties from New Mexico properties to the department. The department will accept the information on magnetic media in lieu of paper returns. The magnetic media must comply with the internal revenue service reporting requirements for filing information returns.

(2) A person who has entered into an agreement with the internal revenue service identified as Consent For Internal Revenue Service To Release Tax Information will be deemed to have complied with the filing requirements of this section (3.3.20.8 NMAC).

B. The due date for information returns required to be filed with the department shall be June 15 of each year following the close of the previous calendar year.

N.M. Admin. Code § 3.3.20.8

1/25/83, 12/29/89, 3/16/92, 1/15/97; 3.3.20.8 NMAC - Rn & A, 3 NMAC 3.20.8, 12/14/00