N.M. Admin. Code § 3.3.5.10

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

Section 3.3.5.10 - WITHHOLDING RATES

A. For periods beginning on or after January 1, 2005 and before January 1, 2011, the rate of withholding shall equal the maximum bracket rate set by Section 7-2-7 NMSA 1978 for the taxable year.

B. For periods beginning on or after January 1, 2011, the rate of withholding pursuant to the Oil and Gas Proceeds and Pass-Through Entity Withholding Tax Act shall be set by directive of the secretary. The withholding rate set in the directive shall be effective no earlier than ninety (90) days after the date on which the directive is promulgated. The directive shall be posted on the taxation and revenue department's web site, along with past, current and, when the rate is announced to change at a future time, future withholding rates and the time periods to which they pertain.

3.3.5.10 NMAC - N, 10/15/03; A, 12/15/10