New Mexico Administrative Code
Title 3 - TAXATION
Chapter 3 - PERSONAL INCOME TAXES
Part 5 - OIL AND GAS PROCEEDS WITHHOLDING
Section 3.3.5.11 - WITHHOLDING MINIMUMS
Current through Register Vol. 35, No. 18, September 24, 2024
A. With respect to oil and gas proceeds, no withholding from a payment to a remittee is required if:
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.