Computer software has been complex since it was first introduced. Computer software is a class of personal property. It is comprised of several different subclasses of personal property that can be divided by use, development, distribution, and relationship to...
Report the assets this year. The assets are reportable for federal income tax in the current year. The fact that the reporting deadlines for property tax fall before reporting deadlines for federal income tax does not postpone the taxability by one year. This...
This asset class calls for a class life of nine years, so you must depreciate the assets using Table 11 of the State Assessed Valuation Guideline.
The equipment is subject to property taxation only in the first tax year after you take the federal deduction. If you purchased the piece in March, for example, then the equipment is subject to tax on January 1 of the following year and not thereafter. If the...
The "Special Method" is outlined in the Property Tax Code, Section 7-36-33 NMSA 1978. The method is a cost approach. The statute calls for using the "tangible property cost or " the "actual cost of acquisition or construction of property including additions,...
Yes. The owner of personal property used in a business and subject to federal income tax depreciation is also subject to ad valorem taxes in New Mexico. If your lease agreement passes the property tax along to the lessee, the lessee can report the assets directly....
12/11/202020-16 On October 21, 2019, the Department issued an assessment to the Taxpayer as a successor in business. On January 17, 2020, the Taxpayer filed a timely protest. The Taxpayer argued that their business was not a successor in business to the father’s...
11/13/202020-15 On March 8, 2018, the Department issued two Notices of Assessments to each Taxpayer. On June 4, 2018, the Taxpayer’s counsel submitted a timely protest with the Department for each notice and demand for payment. The two protests were consolidated as...
Fiscal Impact Reports Introduction Overview of Fiscal Impact Reports Presentation by Allen Maury, PhD, Senior Economist1N.M. Taxation and Revenue DepartmentRevenue Stabilization and Tax Policy Committee of New Mexico LegislatureRaton, New Mexico August 7, 2002 During...
Purposes of Taxation and Revenue Department FIRs FIRs typically describelegal, administrative, and technical issues associated with proposed legislation, as well as probable associated fiscal impacts, i.e., changes in revenues – not expenditures. Fiscal impact reports...