New Mexico § 7-1-69.2 - Civil penalty for failure to correctly file certain deductions
Full text of New Mexico New Mexico Statutes Annotated § 7-1-69.2 — Civil penalty for failure to correctly file certain deductions, with citation guidance and answers to common questions.
§ 7-1-69.2. Civil penalty for failure to correctly file certain deductions
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 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.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 7-1-69.2
What does New Mexico Statutes Annotated § 7-1-69.2 cover?
Section 7-1-69.2 ("Civil penalty for failure to correctly file certain deductions") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 7-1-69.2?
A common citation format is "New Mexico Statutes Annotated § 7-1-69.2" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 7-1-69.2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.