ALBUQUERQUE, NM – The New Mexico Tax and Revenue Department will hold a public hearing on a collection of proposed corporate tax rules.
The hearing, scheduled for February 25th at 1:00 p.m., will deal with the proposed regulations related to the Corporate Income Tax Act and the Act on Uniform Distribution of Income for Tax Purposes. This emerges from a press release from the state tax and tax authority.
The proposed rules are intended to accompany changes to the tax legislation enacted in 2019. The changes eliminated the separate reporting of companies for C companies and made the unified combined reporting under the press release the standard filing method for these companies.
The latest changes also updated the tax code to assess tax based on procurement services and intangible assets to New Mexico when they are delivered to or used in the state according to the news release.
The public can attend the hearing at www.nm-tax.webex.com or by calling 1-415-655-0001 using the access code 132 999 0384 and password 02252021 as per the press release.
Copies of the proposed rule changes can be found at www.tax.newmexico.gov/proposed-regulations-hearing-notices.aspx.
Oral comments made during the hearing will be recorded and electronic written comments may be emailed to firstname.lastname@example.org until the end of the hearing, as per the press release.