New Mexico Administrative Code
Title 3 - TAXATION
Chapter 1 - TAX ADMINISTRATION
Part 9 - REFUND
Section 3.1.9.13 - CONDITIONS FOR REFUND OR CREDIT
Universal Citation: 3 NM Admin Code 3.1.9.13
Current through Register Vol. 35, No. 6, March 26, 2024
A. A refund or credit of tax may be granted to a taxpayer by the secretary or secretary's delegate only if all the following conditions are satisfied:
(1) the
tax has been erroneously paid and payment has been verified from the
department's or taxpayer's records;
(2) the taxpayer has submitted a proper claim
for refund pursuant to Section
7-1-26
NMSA 1978 and the regulations thereunder; and
(3) the secretary has secured the prior
approval of the attorney general for any refund of tax and interest erroneously
paid when such approval is required in Subsection A of Section
7-1-29
NMSA 1978.
B. The secretary or secretary's delegate, in response to a claim for refund for one type of tax, may credit the amount to be refunded against the amount of any other tax due from the taxpayer. The secretary or secretary's delegate shall give a full accounting of the crediting transaction to the claimant.
C. A taxpayer may not create a credit for a discovered overpayment of tax by understating the amount due on current tax returns to offset amounts paid on prior returns.
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