New Mexico cash rounding law

New Mexico does not regulate private retail rounding. The act authorizes the Secretary of Taxation and Revenue, by regulation or instruction, to permit or require rounding to the nearest five cents of amounts due under taxes administered by the department, other than income and corporate franchise taxes, which may be rounded to the nearest whole dollar. A parallel provision permits or requires rounding to the nearest five cents of any amount due under the Motor Vehicle Code. The scope is state tax and fee administration.

The rounding authority is itself a tax administration rule. Whether the rounded amount or the exact computed amount constitutes the liability remitted is left to department regulation or instruction under NMSA 7-1-15.1 as amended; the enacted text does not specify further.

Not addressed by the enacted text. The act concerns amounts due to the state and does not describe private transactions or split tender.

Not addressed by the enacted text. The act creates administrative authority only and includes no safe harbor or immunity provision.