N.M. Stat. Ann. § 7-1-15
The secretary may, pursuant to rule, allow taxpayers with an anticipated tax liability of less than five hundred dollars ($500) a month to report and pay taxes at intervals which the secretary may specify. However, unless specifically permitted by law, an interval shall not exceed one year.
History: 1953 Comp., § 72-13-30.1, enacted by Laws 1969, ch. 31, § 1; 1979, ch. 144, § 14; 1983, ch. 211, § 25; 1988, ch. 73, § 7; 1991, ch. 138, § 1; 1998, ch. 105, § 2; 2025, ch. 130, § 27.
The 2025 amendment, effective July 1, 2025, increased the maximum a taxpayer may owe to be eligible to file and pay less frequently than monthly from two hundred dollars to five hundred dollars, increased the maximum interval period to pay taxes, and removed a provision allowing certain direct marketers to report and pay compensating taxes on a quarterly or semi-annual basis; after "tax liability of less than" deleted "two hundred dollars ($200)" and added "five hundred dollars ($500)", after "shall not exceed" deleted "six months" and added "one year", and after "one year" deleted the remainder of the paragraph.
The 1998 amendment, effective May 20, 1998, added the last sentence.
The 1991 amendment, effective July 1, 1991, substituted "two hundred dollars ($200)" for "one hundred dollars ($100)".