Income/Franchise:
New Mexico: Payments Under New Optional Pass-Through Entity-Level Tax Submitted Annually
Bulletin B-300.23, N.M. Tax. & Rev. Dept. (5/22). The New Mexico Taxation and Revenue Department issued estimated payment guidance pursuant to new state law that provides an annual election for some pass-through entities to pay an entity-level income tax for tax years beginning on or after January 1, 2022 [see H.B. 102 (2022) and previously issued Multistate Tax Alert for more details on this new law] – providing that an electing entity is not required to make a separate estimated payment for the entity-level tax quarterly, and will only be required to submit the annual pass-through entity withholding payment. Please contact us with any questions.
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