§ 7-1-69-2

In the case of a taxpayer that deducts gross receipts pursuant to Section 7-9-92 or 7-9-93 NMSA 1978 instead of deducting or exempting gross receipts pursuant to another applicable provision of the Gross Receipts and Compensating Tax Act [Chapter 7, Article 9 NMSA 1978] as required by those sections, there shall be assessed a penalty on the taxpayer in an amount equal to twenty percent of the value of the hold harmless distribution resulting from the incorrect deduction. History: Laws 2016 (2nd S.S.), ch. 3, § 3. ANNOTATIONSEffective dates. — Laws 2016 (2nd S.S.), ch. 3, § 9 made Laws 2016 (2nd S.S.), ch. 3, § 3 November 1, 2016.