Chapter 7 — Chapter 7

History: Laws 1987, ch. 45, § 10; 1990, ch. 88, § 13; repealed by Laws 2019, ch. 274, § 16.

ANNOTATIONS Repeals. — Laws 1990, ch. 88, § 21 repealed 7-24B-10 NMSA 1978, as enacted by Laws 1987, ch. 45, § 19, relating to imposition of federal regulations, effective May 16, 1990. For provisions of former section, see the 1989 NMSA 1978 on NMOneSource.com. ARTICLE 25 Resour…

History: Laws 1987, ch. 45, § 11; 1990, ch. 88, § 14; repealed by Laws 2019, ch. 274, §16.

History: Laws 1987, ch. 45, § 12; 2003, ch. 205, § 3; 2005, ch. 338, § 3; repealed by Laws 2019, ch. 274, § 16.

History: Laws 1987, ch. 45, § 13; 1990, ch. 88, § 15; repealed by Laws 2019, ch. 274, § 16.

ANNOTATIONS Repeals. — Laws 1990, ch. 88, § 21 repealed 7-24B-5 NMSA 1978, as enacted by Laws 1987, ch. 45, § 14, relating to procedure for adoption of ordinance, effective May 16, 1990. For provisions of former section, see the 1989 NMSA 1978 on NMOneSource.com.

History: 1978 Comp., § 7-24B-5.1, enacted by Laws 1990, ch. 88, § 16; repealed by Laws 2019, ch. 274, § 16.

History: Laws 1987, ch. 45, § 15; 1990, ch. 88, § 17; repealed by Laws 2019, ch. 274, § 16.

History: Laws 1987, ch. 45, § 16; 1990, ch. 88, § 18; 1993, ch. 30, § 24; repealed by Laws 2019, ch. 274, § 16.

History: Laws 1987, ch. 45, § 17; 1990, ch. 88, § 19; repealed by Laws 2019, ch. 274, § 16.

History: Laws 1987, ch. 45, § 18; 1990, ch. 88, § 20; repealed by Laws 2019, ch. 274, § 16.

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.

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.

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 timbe…

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 …

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- fo…

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…

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.

Compensating Tax Act. 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 a…

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…

Sections 7-26-1 through 7-26-8 NMSA 1978 may be cited as the "Severance Tax Act". History: Laws 1971, ch. 65, § 1; 1953 Comp., § 72-18-1; Laws 1977, ch. 102, § 3; 1985, ch. 65, § 23.

ANNOTATIONS Repeals. — Laws 1995, ch. 70, § 23 repealed 7-26-10 NMSA 1978, as enacted by Laws 1977, ch. 102, § 1, relating to the purpose of the act, effective July 1, 1995. For provisions of former section, see the 1994 NMSA 1978 on NMOneSource.com.

ANNOTATIONS Repeals. — Laws 1995, ch. 70, § 23 repealed 7-26-11 NMSA 1978, as enacted by Laws 1980, ch. 62, § 12, relating to prohibition of double taxation, effective July 1, 1995. For provisions of former sections, see the 1994 NMSA 1978 on NMOneSource.com. ARTICLE 27 Severance…

As used in the Severance 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 a…

For the privilege of severing natural resources, there is imposed on any severer of natural resources in New Mexico an excise tax on the taxable value or the quantity of natural resources severed and saved by or for him as determined under, and at the rates provided in the Severa…

A. Except as otherwise provided in Subsections C, E, F and G of this section, the "taxable event" is the severance of a natural resource whose taxable value is determined under the provisions of this section. B. For all natural resources except potash or potash products described…

uranium. The severance tax is imposed at the following rates on the taxable value determined under Section 7-26-4 NMSA 1978 of the following natural resources: A. potash 2 1/2% B. copper 1/2% C. timber 1/8% D. pumice, gypsum, sand, gravel, clay, fluorspar and other nonmetallic mi…

A. The severance tax on coal is measured by the quantity of coal severed and saved. The taxable event is sale, transportation out of New Mexico or consumption of the coal, whichever first occurs. Upon each short ton (two thousand pounds) of coal severed and saved, there shall be …

ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-26-6.1 NMSA 1978, as enacted by Laws 1980, ch. 62, § 9, relating to a credit for the payment of additional coal severance taxes, effective July 1, 1985.

A. The following coal is exempt from the surtax imposed on coal under the provisions of Section 7-26-6 NMSA 1978: (1) coal sold and delivered pursuant to coal sales contracts that are entered into on or after July 1, 1990, under which deliveries start after July 1, 1990, if the s…

The severance tax on uranium is measured by the quantity of U3O8 contained in and recoverable from severed and saved uranium-bearing material whether that material is ore or solution, measured in a standard manner established by regulation of the director. The taxable event is th…

ANNOTATIONS Repeals. — Laws 1985, ch. 65, § 46 repealed 7-26-7.1 NMSA 1978, as enacted by Laws 1980, ch. 62, § 10, relating to temporary credit for a uranium producer, effective July 1, 1985.

The severance tax is to be paid on or before the twenty-fifth day of the month following the month in which the taxable event occurs. History: 1953 Comp., § 72-18-8, enacted by Laws 1977, ch. 102, § 10.

ANNOTATIONS Repeals. — Laws 1989, ch. 261, § 2 repealed 7-26-9 NMSA 1978, as enacted by Laws 1977, ch. 102, § 14, relating to severance tax surtax, effective July 1, 1989.

Sections 7-27-1 through 7-27-27 NMSA 1978 may be cited as the "Severance Tax Bonding Act". History: 1953 Comp., § 72-18-29, enacted by Laws 1961, ch. 5, § 2; 2000, ch. 97, § 1.

A. The state board of finance is authorized to issue and sell severance tax bonds within the provisions of the Severance Tax Bonding Act, and no other agency of the state is authorized to issue or sell severance tax bonds. B. For fiscal year 2024, the state board of finance is au…

determining bonding capacity; authorization for severance tax bonds; priority for water projects and tribal infrastructure projects. A. On December 31 of each year from 2019 through 2028, the division shall transfer twenty-three million six hundred ninety thousand dollars ($23,69…

determining bonding capacity. On December 31 of each year from 2023 through 2033, the board of finance division of the department of finance and administration shall transfer ninety-two million dollars ($92,000,000) from the severance tax bonding fund to the severance tax permane…

A. The state board of finance may issue and sell at public or private sale severance tax bonds to refund outstanding severance tax bonds by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of…

ANNOTATIONS Repeals. — Laws 1999 (1st S.S.), ch. 6, § 20 repealed 7-27-11.1 NMSA 1978, as enacted by Laws 1985 (1st S.S.), ch. 15, § 15, relating to declaration of legislative intent in enacting 7-27-11 NMSA 1978, effective July 1, 1999. For provisions of former section, see the …

A. The state board of finance shall issue and sell all severance tax bonds when authorized to do so by any law that sets out the amount of the issue and the recipient of the money. B. The state board of finance shall also issue and sell severance tax bonds authorized by Sections …

appropriation of proceeds. The state board of finance may issue and sell severance tax bonds in fiscal years 2001 through 2010 in compliance with the Severance Tax Bonding Act in an amount not exceeding a total of twenty million dollars ($20,000,000) when the local government div…

outlay and other projects. A. The public school capital outlay council is authorized to certify by resolution that proceeds of supplemental severance tax bonds are needed for expenditures relating to public school capital outlay projects pursuant to the Public School Capital Outl…

the public school capital outlay fund. Proceeds of severance tax bonds and supplemental severance tax bonds previously or hereafter issued by the state board of finance that are appropriated to the public school capital outlay fund for the purpose of carrying out the provisions o…

transportation fund; appropriation of proceeds. A. The state board of finance may issue and sell severance tax bonds in fiscal years 2007 through 2009 in compliance with the Severance Tax Bonding Act in an amount not exceeding a total of one hundred fifty million dollars ($150,00…

infrastructure projects for colonias. A. After the annual estimate of severance tax bonding capacity pursuant to Subsection A of Section 7-27-10.1 NMSA 1978, the board of finance division of the department of finance and administration shall allocate the following percentages of …

technology infrastructure. (Repealed effective July 1, 2030.) A. The director of the office of broadband access and expansion may certify that up to ten million dollars ($10,000,000) of proceeds of supplemental severance tax bonds per fiscal year are needed for expenditures relat…

Mexico school of medicine. A. The state board of finance shall issue and sell supplemental severance tax bonds in an amount not exceeding a total of two hundred eighty million dollars ($280,000,000) in fiscal years 2026 through 2029 when the board of regents of the university of …

A. The legislature shall provide for the continued assessment, levy, collection and deposit into the severance tax bonding fund of the tax or taxes upon natural resource products severed and saved from the soil of the state that, together with such other income as may be deposite…