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New Mexico Form 433-D: What You Should Know
In the case of a health insurance contract, the term “in a State providing coverage under such contract” shall include the State of New Mexico. (b) The Commissioner is authorized and directed to collect the premium tax imposed by this Section. (b) In addition to the payment prescribed in this section, the employer shall pay the following. All premiums on health plan, health insurance policy renewals, health maintenance organization contracts, life or other comprehensive health insurance plans or other contracts which provide benefits similar to those provided by the above health insurance plans or others, to the extent that these products are not offered to or purchased by nonresidents of New Mexico and which are taxable to residents of New Mexico. The total tax in this subparagraph is an amount equal to 4 percent of each premium received in order to provide for a health insurance premium tax; and, An employer who is not subject to the payroll credit provisions of Sec. 59A-17-31 shall be liable for the tax under subparagraph (b). An employer who is not subject to the payroll credit provisions of Sec. 59A-17-31 and has a payroll credit may elect to have the payroll credit included in the premium tax. (d) An employee may receive wages from a health insurance plan that is not a comprehensive health or life insurance plan. In this case, the employee is entitled to receive wages from the plan for purposes of collecting the tax. If the employee fails to include a medical or surgical treatment benefit, and thus fails to receive any of the paid for benefits the wages are not taxable. (d) If an employee has no medical or surgical treatment benefit on his/her own (or a spouse's) health insurance (and) his or her spouse's health insurance plan is subject to payroll contribution tax, then he or she may elect to have the employee pay the tax for each year for the (1) health insurance plan or other contract with the insurer that is used to pay for medical or surgical treatment, or (2) the health care plan of the family (3) health insurance plan under which the employee paid for his or her medical treatment for the year in which the treatment takes part, (4) health insurance plan under which the (5) medical or surgical treatment benefit is not included under Sec.
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