Section 7-40-3 – Imposition and rate of tax; denomination of “premium tax” and “health insurance premium surtax”. (Effective January 1, 2022.)
A. The tax imposed pursuant to this subsection may be referred to as the “premium tax”. The premium tax is imposed at a rate of three and three-thousandths percent of the gross premiums and membership and policy fees received or written by a taxpayer on insurance or contracts covering risks within the state during the […]
Section 7-40-4 – Reciprocity provision.
A. When by or pursuant to the laws of any other state or foreign country or province, any taxes, in the aggregate, are or would be imposed upon New Mexico insurers doing business or that might seek to do business in such state, country or province, or upon the agents or representatives of such insurers […]
Section 7-40-5 – Exemptions.
Exempted from the taxes imposed pursuant to the Insurance Premium Tax Act are: A. premiums attributable to insurance or contracts purchased by the state or a political subdivision for the state’s or political subdivision’s active or retired employees; B. payments received by a health maintenance organization from the federal secretary of health and human services […]
Section 7-39-2 – Definitions.
As used in the Copper Production Ad Valorem Tax Act: A. “average price” means for any mineral the average price for the appropriate period determined from published price data in the manner specified by regulation; B. “copper mineral property” means all mineral property and property held in connection with mineral property when seventy-five percent or […]
Section 7-39-3 – Application of act.
The provisions of the Copper Production Ad Valorem Tax Act apply to the valuation of all productive copper mineral property. History: 1978 Comp., § 7-39-3, enacted by Laws 1990, ch. 125, § 10. ANNOTATIONS
Section 7-39-4 – Valuation of copper mineral property.
A. The valuation for purposes of the Copper Production Ad Valorem Tax Act of copper mineral property of the following types shall be determined annually, except as provided otherwise in Subsection B, C or D of this section, as follows: (1) the value of any mine and all real property and personal property held or […]
Section 7-39-5 – Annual report of value.
Each tax year the owner of a copper mineral property shall report to the department on the forms and in the manner prescribed by the department the value, for purposes of the Copper Production Ad Valorem Tax Act, of each copper mineral property owned and the taxing jurisdictions in which each property is located. The […]
Section 7-39-6 – Notification to department of finance and administration and counties.
By August 1 of each year, the department shall prepare and send to the department of finance and administration schedules of the taxable value and taxing jurisdictions of each copper mineral property. The taxable values shown on the schedules shall be used by the department of finance and administration in setting property tax rates. A […]
Section 7-39-7 – Determination of taxable values for taxing districts.
To determine for any purpose the total taxable value of property required to be taxed under the Copper Production Ad Valorem Tax Act for any taxing jurisdiction for any year after 1990, the taxable value of copper mineral property for the taxing jurisdiction entered upon the schedules prepared under the Copper Production Ad Valorem Tax […]
Section 7-39-8 – Ad valorem tax levied.
An ad valorem tax is levied upon the owner of each copper mineral property that is not subject to valuation and taxation under the provisions of the Property Tax Code [Chapter 7, Articles 35 through 38 NMSA 1978]. The amount of the tax shall be equal to the product of the taxable value determined for […]