New Mexico § 7-1-21 - Installment payments of taxes; installment agreements

§ 7-1-21. Installment payments of taxes; installment agreements

A. Whenever justified by the circumstances, the secretary or the secretary's delegate

may enter into a written agreement with a taxpayer in which the taxpayer admits conclusive

liability for the entire amount of taxes due and agrees to make monthly installment

payments according to the terms of the agreement, but not for a period longer than

seventy-two months. No installment agreement shall prevent the accrual of interest otherwise provided

by law. B. The agreement provided for in this section is to be known as an “installment agreement”. If entered into after a court acquires jurisdiction over the matter, the agreement

shall be part of a stipulated order or judgment disposing of the case. C. At the time of entering into an installment agreement, the secretary shall require

the affected taxpayer or person to furnish security for payment of the taxes admitted

to be due according to the terms of the agreement, but if the taxpayer does not provide

security, the secretary shall cause a notice of lien to be filed in accordance with

the provisions of Section 7-1-38 NMSA 1978 , and when so filed it shall constitute a lien upon all the property or rights to

property of the taxpayer in that county in the same manner as in the case of the lien

provided for in Section 7-1-37 NMSA 1978 . D. An installment agreement is conclusive as to liability for payment of the amount

of taxes specified therein but does not preclude the assessment of any additional

tax. E. After entering into the agreement, except in unusual circumstances as require the

secretary in the secretary's discretion to take further action to protect the interests

of the state, no further attempts to enforce payment of the tax by levy or injunction

shall be made; however, if installment payments are not made on or before the times

specified in the agreement, if any other condition contained in the agreement is not

met or if the taxpayer does not make payment of all other taxes for which the taxpayer

becomes liable as they are due, the secretary may proceed to enforce collection of

the tax as if the agreement had not been made or may proceed, as provided in Section 7-1-54 NMSA 1978 , against the security furnished. F. Records of installment agreements in excess of one thousand dollars ($1,000) shall

be available for inspection by the public. The department shall keep the records for a minimum of three years from the date

of the installment agreement.