The Corporate Income and Franchise Tax Act shall be administered pursuant to the provisions of the Tax Administration Act [Chapter 7, Article 1 NMSA 1978].

History: 1978 Comp., § 7-2A-13, enacted by Laws 1981, ch. 37, § 46; 1986, ch. 20, § 51.

ANNOTATIONS

Payments made under salary reduction payroll program. — Under an employer's salary reduction payroll program by which employees could shelter from income tax a portion of their salary and then use the tax sheltered salary to pay for dependent care expenses, the expenses were "incurred and paid" by the employer, rather than the employees, within the meaning of this section. Intel Corp. v. Taxation & Revenue Dep't, 1997-NMCA-005, 122 N.M. 760, 931 P.2d 754.