Section 7-30-16 – Repealed.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-30-16 NMSA 1978, as enacted by Laws 1959, ch. 53, § 16, relating to tax payment under protest, suit authorized, effective July 1, 1985.
Section 7-30-5 – Taxable value; method of determining.
A. To determine the taxable value of oil, natural gas or liquid hydrocarbon, individually or any combination thereof, carbon dioxide, helium or non-hydrocarbon gases, there shall be deducted from the value of products: (1) royalties paid or due the United States or the state of New Mexico; (2) royalties paid or due any Indian tribe, […]
Section 7-30-6 – Value may be determined by department; standard.
The department may determine the value of products severed from a production unit when: A. the operator and purchaser are affiliated persons; B. the sale and purchase of products is not an arm’s length transaction; or when C. products are severed and removed from a production unit and a value as defined in this act […]
Section 7-30-1 – Title.
Chapter 7, Article 30 NMSA 1978 may be cited as the “Oil and Gas Conservation Tax Act”. History: 1953 Comp., § 72-20-1, enacted by Laws 1959, ch. 53, § 1; 1985, ch. 65, § 30. ANNOTATIONS Cross references. — For intergovernmental tax credits, see 7-29C-1 NMSA 1978. Law reviews. — For article, “New Mexico’s Effort […]
Section 7-30-2 – Definitions.
As used in the Oil and Gas Conservation 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. “production unit” means a unit of property designated by the department from which products […]
Section 7-30-3 – Repealed.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-30-3 NMSA 1978, as enacted by Laws 1959, ch. 53, § 3, relating to the purpose and declaration of intention of the Oil and Gas Conservation Tax Act, effective July 1, 1985.
Section 7-30-4 – Oil and gas conservation tax levied; collected by department; rate; interest owner’s liability to state; Indian liability.
A. There is levied and shall be collected by the department a tax on all products that are severed and sold. The measure and rate of the tax shall be nineteen-hundredths percent of the taxable value of sold products. Every interest owner shall be liable for this tax to the extent of the owner’s interest […]