New Mexico Administrative Code
Title 5 - POST-SECONDARY EDUCATION
Chapter 7 - TUITION AND FINANCIAL AID
Part 25 - TAX REFUND INTERCEPT PROGRAM REGULATIONS
Section 5.7.25.8 - SUBMITTING REQUESTS TO THE TAXATION AND REVENUE DIVISION ("TRD")
Universal Citation: 5 NM Admin Code 5.7.25.8
Current through Register Vol. 35, No. 18, September 24, 2024
A. Eligible accounts: Requests for collection by refund offset may be made by the foundation to enforce repayment of educational loan debts pursuant to the Tax Refund Intercept Program Act, Laws 1985 Ch. 106, Sec. 1, et seq., as amended by Laws 1987, Ch. 125 Sec. 1 et seq.
B. Criteria for submittal: Debts must meet the following requirements to be eligible for the tax refund offset process:
(1) the debt must be a loan for educational
purposes;
(2) the debt must be
equal to or more than $150.00;
(3)
the debt must be:
(a) owned by the foundation
or the New Mexico student loan guarantee corporation; or
(b) guaranteed by the guarantee corporation,
or
(c) owned by a publicly owned or
operated institution of higher education or other publicly owned or operated
post-secondary educational facility located within the state of New Mexico,
provided that the foundation has lawfully contracted to collect the debt;
and
(4) the debt must
have been reduced to judgment.
C. Procedure for setoff request to TRD/suspense account:
(1) Submitting requests:
All submissions for setoffs should be made to TRD by December 16 of the current
tax filing year. The list of setoffs requested will contain information such as
debtor name, social security number, unpaid balance of judgment against debtor
and such other information as TRD may require.
(2) Corrections: The foundation should submit
corrections to TRD by December 30 of each year.
D. Suspense account: Upon receipt of money transferred from the TRD, the foundation shall deposit and hold the money in a suspense account until a final determination of the offset is made.
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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