New Mexico § 7-7-20 Credit against tax

New Mexico Statutes

§ 7-7-20 — Credit against tax

New Mexico § 7-7-20

Ch. 7Taxation

Art. 7Estate Tax

This text of New Mexico § 7-7-20 (Credit against tax) is published on Counsel Stack Legal Research, covering New Mexico primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.M. Stat. Ann. § 7-7-20 (2026).

Text

A.Upon assumption of title to a work of art by the board, the department shall credit against the amount owed by the estate the valuation of that work of art as agreed upon under Section 7-7-19 NMSA 1978. In no case shall any credit allowed by the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978] be greater than the amount of the estate tax owed by the decedent's estate.

B.The board shall not during any fiscal year assume title to works of art which have an aggregate value of more than five million dollars ($5,000,000).

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A. Upon assumption of title to a work of art by the board, the department shall credit against the amount owed by the estate the valuation of that work of art as agreed upon under Section 7-7-19 NMSA 1978. In no case shall any credit allowed by the Art Acceptance Act [7-7-15 to 7-7-20 NMSA 1978] be greater than the amount of the estate tax owed by the decedent's estate. B. The board shall not during any fiscal year assume title to works of art which have an aggregate value of more than five million dollars ($5,000,000).