Governor Michelle Lujan Grisham issued the following announcement on July 8.
New Mexico personal and corporate income tax returns for 2019 must be filed by July 15 to avoid penalties under a law enacted during the recent special legislative session.
Gov. Michelle Lujan Grisham recently signed into law a bill that waives penalties and interest on late payments in a variety of tax programs, including income taxes, to provide relief to individuals and businesses under financial strain due to the COVID-19 pandemic. While payments may be delayed under the law, tax returns still must be filed timely in order to avoid penalties.
“Please be sure to file your state income tax return by July 15, even if you can’t afford to pay right away. We can only waive penalties if you’ve filed a return on time, but you have until next spring to make payment,” said Taxation and Revenue Department Secretary Stephanie Schardin Clarke.
The penalty for late filing is 2 percent per month on the amount due up to a 20 percent maximum. This penalty starts at $5 for Corporate Income Tax and CRS filings.
The Taxation and Revenue Department earlier this year extended the deadline to file personal and corporate income taxes for 2019 earnings to July 15.
Original source can be found here.
Alerts Sign-up