Tax Amnesty - New Mexico: New law authorizes amnesty program with potential for 100% penalty & interest waiver

S.B. 2, signed by gov. 3/19/10. Effective immediately, new law authorizes the secretary of taxation and revenue (with the concurrence of the governor) to declare a tax amnesty period of no more than 180 days that must occur within fiscal years 2010 and 2011 for all taxes owed and administered pursuant to New Mexico's Tax Administration Act.

Eligible participants may receive a 100% waiver of related interest and penalties on taxes due as the result of managed audits entered into under the tax amnesty program's established requirements.