State Codes and Statutes
Statutes > New-mexico > Chapter-7 > Article-7 > Section-7-7-187-7-18. Procedure for payment in works of art.
A. The personal representative desiring to pay all or part of an estate tax owed the state in the form of one of or more works of art shall first obtain an appraisal of the work acceptable to the federal internal revenue service and shall then notify the museum director in writing of the desire to offer the work to the museum. The board shall, within a reasonable period of time and upon the recommendation of the museum director, notify the personal representative and the division in writing as to whether in the judgment of the board it would be advantageous to the state to accept the one or more works of art as payment or partial payment for the estate tax. The board's decision shall be final and not appealable.
B. Acceptance of a work of art shall be deemed advantageous to the state if its acceptance meets the following criteria:
(1) it encourages growth of the museum's collections by the addition of significant and original works of art;
(2) it furthers the preservation and understanding of the arts traditions which exist in New Mexico;
(3) it furthers the appreciation of arts and cultures by the people of New Mexico; or
(4) it is compatible with the standards and collections policies of the museum.
