1. A. With respect to oil and gas proceeds, no withholding from a payment to a remittee is required if:

   (1) the sum of all payments, including the subject payment, to that remittee by the remitter in the calendar quarter does not exceed thirty dollars ($30.00); and

   (2) the amount to be withheld from the subject payment is less than ten dollars ($10.00).

2. 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).
3. 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.
4. D. This version of 3.3.5.11 NMAC applies to payments for periods beginning on or after January 1, 2012.

[3.3.5.11 NMAC - N, 10/15/03; A, 12/15/10; A, 6/28/13]