{"data":{"id":"us-nm/7-1-69.2","jurisdiction":"us-nm","citation":"7-1-69.2","heading":"Civil penalty for failure to correctly file certain deductions.","body":"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.","path":["Chapter 7 - Taxation","ARTICLE 1 Administration"],"source_url":"https://nmonesource.com/nmos/nmsa-unanno/en/item/18507/index.do","current_through":"2026-07-01","vintage":"","retrieved_at":"2026-09-03T15:02:19Z","sha256":"970ae7586701c35a83d37396e3d21eed75f2eafde1a9f023a53a69e7fdce193c","source_id":"us-nm","stale":false,"prev":"us-nm/7-1-69.1","next":"us-nm/7-1-70"},"notice":"GroundRules: Original legal text. Not legal advice."}