New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 20 - RENTS AND ROYALTIES
Section 3.3.20.8 - INFORMATION RETURNS; RENTS AND ROYALTIES
Universal Citation: 3 NM Admin Code 3.3.20.8
Current through Register Vol. 35, No. 18, September 24, 2024
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.
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