N.M. Code R. § 15.1.8.10 – Reporting and Payment Procedures

A. Fees required under the act and all reports relating to taxes and fees shall be received by the board not later than the due date specified by law. In addition, reports relating to taxes shall be received by taxation and revenue not later than the due date specified by law. Fees and reports shall be deemed to be timely filed if the licensee shows, to the board’s satisfaction, that the licensee deposited the fees and reports in a United States post office or mailbox, with first-class postage prepaid, properly addressed to the board, and in the case of tax reports, to taxation and revenue, within the time allowed for payment of the fees and filing of the reports.
B. All gaming operator licensees shall remit to the state the gaming tax as provided for by the act. Tax payments shall be calculated based on net take from the gaming operator licensee’s gaming machines, as verified by the machines’ soft meters.
C. A gaming operator licensee shall establish and maintain a single gaming tax transfer account exclusively for gaming tax payments to the taxation and revenue. In maintaining such bank account:
1. (1) the gaming operator licensee shall maintain a minimum balance at all times in the gaming tax transfer account; alternatively, the account shall be secured at all times by a letter of credit or bond issued by a bank or security company acceptable to the board; for purposes of this subsection, “bond” includes cash, cash equivalent instruments or such other instruments as the board determines provide immediate liquidity;
2. (2) the minimum balance or the security shall be equivalent to at least 6% of the previous month’s net take from all gaming machines of the non-profit gaming operator licensee and at least 15% of the previous month’s net take from all gaming machines of the racetrack gaming operator licensee;
3. (3) no withdrawals from the gaming tax transfer account shall cause the account balance to be less than the minimum balance requirement described above;
4. (4) the gaming tax is due on or before the date designated by taxation and revenue; funds in the gaming tax transfer account shall be transmitted no later than the designated day; any account found with insufficient funds shall constitute a violation of this subsection;
5. (5) tax liability shall be calculated based on gaming machine polling for the previous month; and
6. (6) any delinquent monies not available in the bank and account designated by taxation and revenue at the time of any required tax payment shall be subject to an interest penalty as determined by taxation and revenue; the interest penalty is in addition to any other penalties imposed by the board or taxation and revenue.
D. All gaming operator licensees shall be liable for all portions of gaming revenue from such times as the funds are received into the gaming machine until the funds are deposited into the designated bank and account of taxation and revenue.
[12/31/98; 15.1.8.10 NMAC - Rn & A, 15 NMAC 1.8.10, 10/15/00; A, 12/28/01; A, 2/28/05; A, 5/15/07; A, 6/30/08]