By regulation or instruction, the secretary may permit or require rounding to the nearest whole dollar of an amount due pursuant to the Income Tax Act [Chapter 7, Article 2 NMSA 1978] or the Corporate Income and Franchise Tax Act [Chapter 7, Article 2A NMSA 1978];, and to the nearest five cents ($.05) of an amount due pursuant to all other taxes administered by the department pursuant to Section 7-1-2 NMSA 1978.

History: 1978 Comp., § 7-1-15.1, enacted by Laws 1987, ch. 169, § 4; 2026, ch. 31, § 3.

ANNOTATIONS

The 2026 amendment, effective July 1, 2026, allowed the taxation and revenue department to round tax amounts to the nearest five cents of an amount due pursuant to all taxes administered by the department, except amounts due pursuant to the Income Tax Act or the Corporate Income and Franchise Tax Act, which may be rounded to the nearest whole dollar of tax due; after "nearest whole dollar of" deleted "tax due; provided that for any tax or tax act the revenues from which are required by the provisions of the Tax Administration Act to be distributed or transferred partly to local governments and partly to state funds, the gain or loss due to rounding shall be attributed to the state funds" and added "an amount due pursuant to the Income Tax Act or the Corporate Income and Franchise Tax Act, and to the nearest five cents ($.05) of an amount due pursuant to all other taxes administered by the department pursuant to Section 7-1-2 NMSA 1978."