A. Any person required to submit the report required by Subsection C of Section 7-14-7.1 NMSA 1978 who does not file the report in the manner and by the date required shall pay a penalty in an amount equal to five percent of the total amount of tax suspended pursuant to Subsection A of Section 7-14-7.1 NMSA 1978 for vehicles required to be included in the report.
B. Any person required to pay any amount pursuant to Subsection D of Section 7-14-7.1 NMSA 1978 who fails to pay the amount by the date required is liable for penalty in an amount equal to the greater of five dollars ($5.00) or two percent per month or any fraction of a month from the date the amount was due multiplied by the amount of tax due but not paid, not to exceed a maximum of ten percent of the tax due but not paid.
C. If any person required to pay any amount pursuant to Subsection D of Section 7-14-7.1 NMSA 1978 fails to pay the amount by the date required, interest shall be paid to the state on such amount in accordance with the provisions of Section 7-1-67 NMSA 1978.
History: Laws 1993, ch. 347, § 5; 1994, ch. 104, § 2.
The 1994 amendment, effective May 18, 1994, deleted "motor vehicle excise" preceding "tax" in Subsection A; in Subsection B, deleted "of motor vehicle tax" following "any amount," substituted "D" for "F or G," substituted "amount" for "tax" preceding "was due," and deleted "motor vehicle excise" preceding the first occurrence of "tax due"; and in Subsection C, substituted "pursuant to Subsection D" for "of motor vehicle excise tax pursuant to Subsection F or G."
Applicability. — Laws 1994, ch. 104, § 3 made the provisions of §§ 1 and 2 of the act applicable to vehicle registered on or after January 1, 1994, and to vehicles registered during 1993 and for which the motor vehicle excise tax was suspended during the last six months of the year.
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