Sun. May 31st, 2020

New Mexico extends tax deadlines

SANTA FE (AP)- New Mexico Governor Michelle Lujan Grisham has announced she will extend the income and payroll tax deadlines in the state giving New Mexicans will have an extra 90 days to file and pay.

KOB 4 News in Albuquerque reports, “the unprecedented public health crisis caused by COVID-19 is also causing great financial hardship for New Mexico residents and small businesses,” said Gov. Lujan Grisham. “These actions represent one piece of our overall efforts to support our businesses and families during this emergency.”

Taxpayers who file by July 15 will not face penalties. However, under New Mexico law, interest will accrue on unpaid balances from April 15 forward. The governor expressed support for waiving or refunding any interest owed by taxpayers taking advantage of the extensions announced today.

The state will also be extending deadlines for employers to remit withholding taxes.

The state Taxation and Revenue Department will be assigning extra staff in order to help process income tax returns and expedite the payment process.

The deadline for 2019 corporate income taxes has also been extended until July 15.