A taxpayer, wholesaler, retailer or rack operator who fails to file an information return on time pursuant to the Gasoline Tax Act [N.M. Stat. Ann. Chapter 7, Article 13] or the Special Fuels Supplier Tax Act [N.M. Stat. Ann. Chapter 7, Article 16A] shall pay a penalty of fifty dollars ($50.00) for each late report. This penalty shall be in addition to other applicable penalties.

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