An article published by Tax Analysts discusses the New Mexico Taxation and Revenue Department failing to prove it was entitled to exclude the payroll factor from the state's apportionment formula for financial institutions. In a ruling for the taxpayer, Discover Bank, the administrative hearings office found that the department did not carry its burden showing that eliminating the payroll factor from the apportionment formula was warranted.
State and Local Tax attorney, Chris Lutz, stated, "The judge was essentially saying that the department's actions fell somewhere between reasonable but short of clear and cogent."
The full article, "New Mexico Not Entitled to Exclude Payroll Factor in Bank's Income Apportionment," was written by Jad Chamseddine and published by Tax Analysts on January 10, 2019 for its subscribers.