TAX CHANGES

HB 198 amends New Mexico tax law to increase public access to large installment agreements (from $1,000 to $10,000 threshold), adjust interest rates on unpaid taxes and overpayments, and raise penalties for tax non-compliance. It requires the Taxation and Revenue Department to pay higher minimum interest on overpayments and increases fines for failing to file returns or interfere with tax administration. The bill directly affects taxpayers using installment plans and the Tax Department’s enforcement practices. Key changes include raising the public inspection threshold for agreements, modifying interest calculation rules, and increasing penalties for tax-related violations.