Chapter 7, Article 25 NMSA 1978 may be cited as the “Resources Excise Tax Act”. History: 1953 Comp., § 72-16A-20, enacted by Laws 1966, ch. 48, § 1; 1985, ch. 65, § 21. ANNOTATIONS Cross references. — For provisions governing administration and enforcement, see 7-1-2 NMSA 1978. For duty of successor in business with respect […]
The purpose of the Resources Excise Tax Act is to provide revenue for public purposes by levying a tax on the privilege of severing and processing natural resources within New Mexico. History: 1953 Comp., § 72-16A-21, enacted by Laws 1966, ch. 48, § 2. ANNOTATIONS Effective dates. — Laws 1966, ch. 48, § 14 made […]
As used in the Resources Excise Tax Act: A. “department” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary; B. “natural resource” means timber and any product thereof and any metalliferous or nonmetalliferous mineral product, combination […]
A. For the privilege of severing natural resources, there is imposed on any severer of natural resources in New Mexico an excise tax at the following rates on the taxable value of the natural resources: (1) all natural resources except potash and molybdenum, three-fourths of one percent; (2) potash, one-half of one percent; and (3) […]
A. For the privilege of processing natural resources, there is imposed on any processor of natural resources in New Mexico an excise tax at the following rates on the taxable value of the natural resources: (1) all natural resources except timber, potash and molybdenum, three-fourths of one percent; (2) timber, three-eighths of one percent; (3) […]
A. For the privilege of severing or processing in New Mexico natural resources that are owned by another person and are not otherwise taxed by Sections 7-25-4 and 7-25-5 NMSA 1978, there is imposed on the service charge of any person severing or processing natural resources that are owned by another person an excise tax […]
Exempted from the resources tax is the taxable value of any natural resource that is processed in New Mexico and on whose taxable value the processors tax is paid. History: 1953 Comp., § 72-16A-26, enacted by Laws 1966, ch. 48, § 7. ANNOTATIONS Effective dates. — Laws 1966, ch. 48, § 14 made Laws 1966, […]
In addition to being subject to the Resources Excise Tax Act, any person who sells nonfissionable natural resources other than for subsequent sale in the ordinary course of business or for use as an ingredient or component part of a manufactured product is also subject to the provisions of the Gross Receipts and Compensating Tax […]
The taxes imposed by the Resources Excise Tax Act are to be paid on or before the twenty-fifth day of the month following the month in which the first of the following occurs: sale, transportation out of New Mexico or consumption. History: 1953 Comp., § 72-16A-28, enacted by Laws 1966, ch. 48, § 9; 1970, […]
