1. A. Each remitter shall:

   (1) provide a federal Form 1099-MISC, or a successor form, or for those entities that do not receive an internal revenue service Form 1099-MISC, a pro forma 1099-MISC, or a successor form, to each remittee on or before February 15 of the year following the year for which the statement is made, reflecting the proceeds paid to the remittee and the state tax withheld;

   (2) provide a federal Form 1099-MISC, or a successor form, or for those entities that do not receive an internal revenue service Form 1099-MISC, a pro forma 1099-MISC, or a successor form, to the department on or before the last day of February of the year following the year for which the statement is made; and

   (3) provide to the department, a report listing the remittees to whom oil and gas proceeds were paid by the remitter, and for whom the remitter has received an agreement pursuant to Subsection G of Section 7-3A-3 NMSA 1978; this report must include:

   (a) the name, address and federal identification number for each remittee;

   (b) the gross oil and gas proceeds paid to the remittee during the tax year of the report; and

   (c) the remitter’s name, federal identification number and the total New Mexico gross oil and gas proceeds distributed by the remitter to all remittees.

2. B. The reports provided to the department pursuant to Paragraph (3) of Subsection A above, must be provided using a department-approved electronic medium, unless the remitter is not required to file electronically pursuant to 3.3.5.19 NMAC.
3. C. If a pass-through entity is not required to file a federal income tax return for the taxable year, the entity shall file an annual information returns with the department not later than one hundred five (105) days after the end of its taxable year and provide to each of its owners sufficient information to enable the owner to comply with the provisions of the Income Tax Act or Corporate Income and Franchise Tax Act with respect to the owner’s share of the net income.

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