Form Rpd-41191 - Annual Report Of Payments To Railroad Car Companies (Page 2 of 2) in pdf

RPD-41191

REV. 05/2010

STATE OF NEW MEXICO

RAILROAD CAR COMPANY TAX

RAILROAD CARE COMPANY TAX ACT

7-11-5. WITHHOLDING AND PAYMENT OF TAX; DUTY OF RAILROADS USING OR

LEASING CARS TO MAKE REPORTS. --

7-11-1. SHORT TITLE. -- "Railroad Car Company Tax Act"

Every railroad company using or leasing the cars of any organization, upon making

7-11-2. DEFINITIONS. -- As used in the Railroad Car Company Tax Act:

payment to such organization for the use or lease of such cars, shall withhold from such

payment . . . [one and one-half] percent of its gross earnings. On or before March 1 of

"department" or "division" means the taxation and revenue department, the

each year, such railroad company shall report to the division on a form prescribed by

secretary of taxation and revenue or any employee of the department exercising authority

the division the amounts of such payments and the amounts withheld for the preceding

lawfully delegated to that employee by the secretary;

calendar year. The amounts withheld shall be remitted with the report.

"gross earnings" means the total income received from all sources by an orga-

7-11-6. LIABILITY OF ORGANIZATIONS. --

nization from the use or operation of railway cars within the state;

Every organization is liable for any difference between an amount equal to . . . [one

C. "organization" means every foreign or domestic car or car line company, every

and one-half] percent of its gross earnings and the sum of withheld taxes remitted for

foreign or domestic joint-stock company, every foreign or domestic mercantile company

that organization by one or more railroad companies for that year.

every foreign or domestic corporation of any other class, every foreign organization classed

as a New England, Massachusetts or business trust, every association for profit, every

partnership and every individual who owns one or more railway cars other than a railroad

PENALTY AND INTEREST

company operating its own or leased lines; and

Penalty and interest is imposed for failure to pay timely or to file timely. Compute

D. "railway car" means any passenger, sleeping, parlor, refrigerator, tank, observa-

penalty and interest using the instructions below and include the amount with your

tion, dining, freight or coal car.

report. If you owe penalty or interest and have not included the penalty or interest

with your report, the Department will issue an assessment.

7-11-3. IMPOSITION OF TAX; TAX RATE; TAX IN LIEU OF PROPERTY TAXES. --

PENALTY (7-1-69 NMSA 1978)

There is imposed on the gross earnings of each organization for the 1996 and

Penalty is imposed for failure to pay timely or file timely. Penalty is computed at 2%

subsequent calendar years a tax of one and one-half percent.

per month or partial month (any fraction of a month is considered a full month) the pay-

The tax imposed in Subsection A of this section is in lieu of all property taxes on

ment is late, up to 20% of the tax due or a minimum of $5.00, whichever is greater. The

minimum penalty also is imposed for failure to file this report, even if no tax is due.

railway cars owned by an organization.

7-11-4. SITUS OF RAILWAY CARS; GROSS EARNINGS --

INTEREST (7-1-67 NMSA 1978)

For the purposes of taxation, any railway car owned by an organization and

Interest is imposed for failure to timely pay the tax due. Interest is computed on a daily

used exclusively within this state or used partially within and partially without this state

basis, at the rate established by the U.S. Internal Revenue Code (IRC), on the unpaid

has situs within this state.

tax for each day the payment is late. The formula for calculating daily interest is:

The term "gross earnings" shall be construed to mean all earnings on business

Tax Due x the Daily Interest Rate for the Quarter x Number of Days Late =

beginning and ending within this state and on a proportion, based on the division of mileage

Interest Due

in this state by the entire mileage over which business is done, of all interstate business

passing through, into or out of this state.

If the interest due at the time payment is made is less than one dollar ($1.00), then no

interest shall be due.

Form Rpd-41191 - Annual Report Of Payments To Railroad Car Companies Page 2

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