This is an amendment to 15.1.8 NMAC, Sections 10 and 12
15.1.8.10 REPORTING AND PAYMENT PROCEDURES:
A. Fees required under the Act and all reports relating to taxes and fees must be received by the board not later than the due date specified by law. In addition, reports relating to taxes must be received by Taxation and Revenue not later than the due date specified by law. Fees and reports will be deemed to be timely filed if the licensee shows, to the board’s satisfaction, that the licensee deposited the fees and reports in a United States post office or mailbox, with first-class postage prepaid, properly addressed to the board, and in the case of tax reports, to Taxation and Revenue, within the time allowed for payment of the fees and filing of the reports.
B. All gaming operator licensees must remit to the State the gaming tax as provided for by the Act. Tax payments will be calculated based on net take from the gaming operator licensee’s gaming machines, as verified by the machines’ soft meters.
C. A gaming operator licensee must establish
and maintain a single gaming tax transfer account exclusively for gaming tax
payments to [the State Treasurer] Taxation and Revenue. In
maintaining such bank account:
(1)
the gaming operator licensee must maintain a minimum balance at all times
in the gaming tax transfer account. Alternatively, the account must be secured
at all times by a [line] letter of credit or bond issued by a
bank or security company acceptable to the board. For purposes of this
subsection, “bond” includes cash, cash equivalent instruments or such other
instruments as the board determines provide immediate liquidity;
(2) the minimum balance or the security must be equivalent to at least 6% of the previous month’s net take from all gaming machines of the non-profit gaming operator licensee and at least 15% of the previous month’s net take from all gaming machines of the racetrack gaming operator licensee;
(3) no withdrawals from the gaming tax transfer account may cause the account balance to be less than the minimum balance requirement described above;
(4) the gaming tax is due on or before the date designated by Taxation and Revenue. Funds in the gaming tax transfer account will be transmitted no later than the designated day. Any account found with insufficient funds will constitute a violation of this subsection and an unsuitable method of operation;
(5) tax liability will be calculated based on gaming machine polling for the previous month; and
(6) any delinquent monies not
available in the bank and account designated by [the State Treasurer] Taxation
and Revenue at the time of any required tax payment will be subject to an
interest penalty as determined by Taxation and Revenue. The interest penalty
is in addition to any other penalties imposed by the board or Taxation and
Revenue.
D. All gaming operator licensees will be
liable for all portions of gaming revenue from such times as the funds are
received into the gaming machine until the funds are deposited into the
designated bank and account of [the State Treasurer] Taxation and
Revenue.
[12/31/98; 15.1.8.10 NMAC - Rn & A, 15 NMAC 1.8.10, 10/15/00; A, 12/28/01]
15.1.8.12 RETENTION OF RECORDS: [Each
licensee shall provide to the audit and compliance services division, upon
request, the records required to be maintained by Section 11 of this rule.
Unless the board otherwise approves or requires, the licensee shall retain all
such records within the state for at least five years or for such longer period
as required by law. Failure to keep and provide such records upon request
constitutes an unsuitable method of operation.] The licensee shall maintain
all records required pursuant to this rule within New Mexico
for a period of five years.
[12/31/98; 15.1.8.12 NMAC - Rn & A, 15 NMAC 1.8.12, 10/15/00; A, 2/28/05]