N.M. Admin. Code § 3.3.5.11

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

Section 3.3.5.11 - WITHHOLDING MINIMUMS

A. With respect to oil and gas proceeds, no withholding from a payment to a remittee is required if:

(1) the sum of all payments, including the subject payment, to that remittee by the remitter in the calendar quarter does not exceed thirty dollars ($30.00); and

(2) the amount to be withheld from the subject payment is less than ten dollars ($10.00).

B. With respect to net income from pass-through entities, no withholding is required from a payment to an owner if the sum of all payments, including the subject payment, to that owner by the pass-through entity in the calendar year is less than one hundred dollars ($100.00).

C. The remitter may withhold from a payment described in Subsection A or B of this section without creating a right of action by the remittee or owner against the remitter or pass-through entity.

D. This version of 3.3.5.11 NMAC applies to payments for periods beginning on or after January 1, 2012.

N.M. Admin. Code § 3.3.5.11

3.3.5.11 NMAC - N, 10/15/03; A, 12/15/10; A, 6/28/13