Chapter 7, Article 34 NMSA 1978 may be cited as the “Oil and Gas Production Equipment Ad Valorem Tax Act”. History: 1953 Comp., § 72-24-1, enacted by Laws 1969, ch. 119, § 1; 1985, ch. 65, § 43. ANNOTATIONS Law reviews. — For article, “New Mexico’s Effort at Rational Taxation of Hard-Minerals Extraction,” see 10 […]
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-10 NMSA 1978, as enacted by Laws 1969, ch. 119, § 10, relating to tax paid erroneously, refund, effective July 1, 1985.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-11 NMSA 1978, as enacted by Laws 1969, ch. 119, § 11, relating to tax payment under protest, suit authorized, effective July 1, 1985.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-12 NMSA 1978, as enacted by Laws 1969, ch. 119, § 12, relating to interest and penalties, restraint from severing products, effective July 1, 1985.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-13 NMSA 1978, as enacted by Laws 1969, ch. 119, § 13, relating to subpoena power, misdemeanor, fine, effective July 1, 1985.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-14 NMSA 1978, as enacted by Laws 1969, ch. 119, § 14, relating to retraining order, injunction, effective July 1, 1985.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-15 NMSA 1978, as enacted by Laws 1969, ch. 119, § 15, relating to personal debt, action in any district court, effective July 1, 1985.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-16 NMSA 1978, as enacted by Laws 1969, ch. 119, § 16, relating to lien against property, notice to be filed, notice to debtor, effective July 1, 1985.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-17 NMSA 1978, as enacted by Laws 1969, ch. 119, § 17, relating to sale of property to satisfy lien, effective July 1, 1985.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-18 NMSA 1978, as enacted by Laws 1969, ch. 119, § 18, relating to payment of taxes to release lien, effective July 1, 1985.
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-19 NMSA 1978, as enacted by Laws 1969, ch. 119, § 19, relating to remedies cumulative, effective July 1, 1985.
As used in the Oil and Gas Production Equipment Ad Valorem Tax Act: A. “commission”, “department” or “division” 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. “person” means any individual, estate, trust, receiver, business […]
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-20 NMSA 1978, as enacted by Laws 1969, ch. 119, § 20, relating to limitation of action, effective July 1, 1985.
A. Annually the commission shall compute the value of products of each production unit for the previous calendar year. B. The taxable value of equipment of each production unit is an amount equal to twenty-seven percent of the value of products of each production unit. C. The assessed value of equipment of each production unit […]
An ad valorem tax is levied on the assessed value of the equipment at each production unit. The tax shall be at the rate certified to the division by the department of finance and administration under the provisions of Section 7-37-7 NMSA 1978. History: 1953 Comp., § 72-24-4, enacted by Laws 1969, ch. 119, § […]
The tax levied by Section 7-34-4 NMSA 1978 shall be the full and exclusive measure of ad valorem tax liability for equipment used at a production unit for the calendar year 1969 and all subsequent years. Any other ad valorem tax on equipment used at a production unit is void. History: 1953 Comp., § 72-24-5, […]
Annually the commission shall compute the assessed value of equipment for each production unit and extend the applicable rates against the assessed value to determine the amount of tax due. The commission shall prepare a tax statement for each production unit showing the production unit identification, the taxing district in which it is located, calendar-year […]
On or before December 30, the commission shall deliver a report to each county in which production units are located, identifying each production unit, the taxing district in which it is located, the value, assessed value, district rates and the amount of tax paid. History: 1953 Comp., § 72-24-7, enacted by Laws 1969, ch. 119, […]
ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-34-8 NMSA 1978, as enacted by Laws 1969, ch. 119, § 8, relating to the oil and gas accounting commission ad valorem equipment tax fund, effective July 1, 1985.
A. By the last day of each month, the department shall prepare and certify a report to the secretary of finance and administration. The report shall be for the preceding month and shall show the amount of taxes distributed to the oil and gas equipment tax fund, the amount due the state and each taxing […]
