NEWS FROM THE TAX AND REVENUE DEPARTMENT
The New Mexico Tax and Revenue Department will hold a public hearing on February 25th on proposed regulations related to the Corporation and Franchise Tax Act and the Unified Division of Income for Tax Purposes Act.
The proposed rules are intended to accompany changes to the tax legislation enacted in 2019. The changes removed the separate reporting of companies for C companies and made uniform combined reporting the standard filing method for such companies.
More than half of the US states now require the combined method of reporting for corporate income tax.
With the 2019 changes, the tax code has also been updated to assess tax based on procurement services and intangible assets to New Mexico when delivered to a state customer or used in the state.
The hearing will be held remotely at 1:00 p.m. on the Webex virtual meeting platform to comply with state public health regulation that restricts public gatherings.
The public can attend at https://nm-tax.webex.com/nm-tax/j.php?MTID=m54ada1b7d3b9821f418e965b12c66135 or by calling 1-415-655-0001 and using the meeting number (access code) 132 999 0384 password 02252021.
Oral comments made during the hearing will be recorded and electronic written comments can be submitted by email to firstname.lastname@example.org until the end of the hearing.
Copies of the proposed rule changes can be found at www.tax.newmexico.gov/proposed-regulations-hearing-notices.aspx or from the Tax Policy Office at email@example.com.
Written comments on the proposals can be emailed to firstname.lastname@example.org or mailed to the Taxes and Revenue Department, Tax Information and Policy Bureau, PO Box 630, Santa Fe, New Mexico 87504- 0630 or further, or before February 25, 2021. All written comments received by the agency will be posted on www.tax.newmexico.gov no later than 3 business days after receipt for public review.