New Mexico § 7-1-6 - Receipts; disbursements; funds created

§ 7-1-6. Receipts; disbursements; funds created

A. All money received by the department with respect to laws administered pursuant

to the provisions of the Tax Administration Act shall be deposited with the state

treasurer before the close of the next succeeding business day after receipt of the

money, except that money received with respect to the Income Tax Act 1 and the Corporate Income and Franchise Tax Act during the period starting with the

fifth day prior to the due date for payment of the taxes for the year and ending on

the tenth day following that due date shall be deposited before the close of the tenth

business day after receipt of the money. B. Money received or disbursed by the department shall be accounted for by the department

as required by law or rule of the secretary of finance and administration. C. Disbursements for tax credits, tax rebates, refunds, the payment of interest, the

payment of fees charged by attorneys or collection agencies for collection of accounts

as agent for the department, attorney fees and costs awarded by a court or hearing

officer, as the result of oil and gas litigation, the payment of credit card service

charges on payments of taxes by use of credit cards, distributions and transfers shall

be made by the department of finance and administration upon request and certification

of their appropriateness by the secretary or the secretary's delegate. D. There are hereby created in the state treasury the “tax administration suspense

fund”, the “extraction taxes suspense fund” and the “workers' compensation collections

suspense fund” for the purpose of making the disbursements authorized by the Tax Administration

Act. E. All revenues collected or received by the department pursuant to the provisions

of the taxes and tax acts set forth in Subsection A of Section 7-1-2 NMSA 1978 shall be credited to the tax administration suspense fund and are appropriated for

the purpose of making the disbursements authorized in this section or otherwise authorized

or required by law to be made from the tax administration suspense fund. F. All revenues collected or received by the department pursuant to the taxes or tax

acts set forth in Subsection B of Section 7-1-2 NMSA 1978 shall be credited to the extraction taxes suspense fund and are appropriated for

the purpose of making the disbursements authorized in this section or otherwise authorized

or required by law to be made from the extraction taxes suspense fund. G. All revenues collected or received by the department pursuant to the taxes or tax

acts set forth in Subsection C of Section 7-1-2 NMSA 1978 may be credited to the tax administration suspense fund, unless otherwise directed

by law to be credited to another fund or agency, and are appropriated for the purpose

of making disbursements authorized in this section or otherwise authorized or required

by law. H. All revenues collected or received by the department pursuant to the provisions

of Section 52-5-19 NMSA 1978 shall be credited to the workers' compensation collections suspense fund and are

appropriated for the purpose of making the disbursements authorized in this section

or otherwise authorized or required by law to be made from the workers' compensation

collections suspense fund. I. Disbursements to cover expenditures of the department shall be made only upon approval

of the secretary or the secretary's delegate. J. Miscellaneous receipts from charges made by the department to defray expenses pursuant

to the provisions of Section 9-11-6.1 NMSA 1978 and similar charges are appropriated to the department for its use. K. From the tax administration suspense fund, there may be disbursed each month amounts

approved by the secretary or the secretary's delegate necessary to maintain a fund

hereby created and to be known as the “income tax suspense fund”. The income tax suspense fund shall be used for the payment of income tax refunds. 1

NMSA 1978, § 7-2-1 et seq.