New Mexico § 7-1-20 - Compromise of taxes; closing agreements

§ 7-1-20. Compromise of taxes; closing agreements

A. At any time after the assessment of any tax, if the secretary in good faith is

in doubt of the liability for the payment thereof, the secretary may, with the written

approval of the attorney general, compromise the asserted liability for taxes by entering

with the taxpayer into a written agreement that adequately protects the interests

of the state. B. The agreement provided for in this section is to be known as a “closing agreement”. If entered into after any court acquires jurisdiction of the matter, the agreement

shall be part of a stipulated order or judgment disposing of the case. C. As a condition for entering into a closing agreement, the secretary may require

the taxpayer to furnish security for payment of any taxes due according to the terms

of the agreement. D. A closing agreement is conclusive as to liability or nonliability for payment of

assessed taxes relating to the periods referred to in the agreement, and except upon

a showing of fraud or malfeasance, or misrepresentation or concealment of a material

fact: (1) the agreement shall not be modified by any officer, employee or agent of the state;

and (2) in any suit, action or proceeding, the agreement or any determination, assessment,

collection, payment, abatement, refund or credit made in accordance therewith shall

not be annulled, modified, set aside or disregarded.