N.M. Admin. Code § 5.7.25.8
Current through Register Vol. 35, No. 23, December 10, 2024
Section 5.7.25.8 - SUBMITTING REQUESTS TO THE TAXATION AND REVENUE DIVISION ("TRD")A. Eligible accounts: Requests for collection by refund offset may be made by the foundation to enforce repayment of educational loan debts pursuant to the Tax Refund Intercept Program Act, Laws 1985 Ch. 106, Sec. 1, et seq., as amended by Laws 1987, Ch. 125 Sec. 1 et seq.B. Criteria for submittal: Debts must meet the following requirements to be eligible for the tax refund offset process: (1) the debt must be a loan for educational purposes;(2) the debt must be equal to or more than $150.00;(3) the debt must be: (a) owned by the foundation or the New Mexico student loan guarantee corporation; or(b) guaranteed by the guarantee corporation, or(c) owned by a publicly owned or operated institution of higher education or other publicly owned or operated post-secondary educational facility located within the state of New Mexico, provided that the foundation has lawfully contracted to collect the debt; and(4) the debt must have been reduced to judgment.C. Procedure for setoff request to TRD/suspense account:(1) Submitting requests: All submissions for setoffs should be made to TRD by December 16 of the current tax filing year. The list of setoffs requested will contain information such as debtor name, social security number, unpaid balance of judgment against debtor and such other information as TRD may require.(2) Corrections: The foundation should submit corrections to TRD by December 30 of each year.D. Suspense account: Upon receipt of money transferred from the TRD, the foundation shall deposit and hold the money in a suspense account until a final determination of the offset is made.N.M. Admin. Code § 5.7.25.8