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1,220 sections in this chapter.
NMSA 1978, § 7-27-51 Capital development program fund
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The "capital development program fund" is created as a nonreverting fund as a subaccount of the severance tax bonding fund. The fund consists of distributions, appropriations, gifts, grants, donations and income from investment of the fund. The department of finance and administr…
NMSA 1978, § 7-27-52 Authorization for severance tax bonds; priority for projects
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funded by the capital development program fund. A. After the annual estimate of severance tax bonding capacity pursuant to Subsection B of Section 7-27-10.1 NMSA 1978, the board of finance division of the department of finance and administration shall allocate an amount equal to …
NMSA 1978, § 7-27-6 Severance tax bonding fund pledged
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A. The money in the severance tax bonding fund is first pledged for the payment of principal and interest on all severance tax bonds issued after the enactment of the Severance Tax Bonding Act. B. The money in the severance tax bonding fund is second pledged, on a basis subordina…
NMSA 1978, § 7-27-7 Special income to retire bonds
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When a law authorizing a severance tax bond issue or supplemental severance tax bond issue contemplates the income of money for the retirement of the bond issue other than or in addition to the money in the severance tax bonding fund, then the money derived from such income shall…
NMSA 1978, § 7-27-8 Transfer of money to severance tax permanent fund
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On each December 31 and each June 30 the state treasurer shall transfer to the severance tax permanent fund all money in the severance tax bonding fund except the amount necessary to meet all principal and interest payments on bonds payable from the severance tax bonding fund on …
NMSA 1978, § 7-27-9 Bonds to be known as severance tax bonds and
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supplemental severance tax bonds. A. Prior to July 1, 1999, all bonds issued wherein the money in the severance tax bonding fund is pledged for their retirement shall be known as "New Mexico severance tax bonds". B. After July 1, 1999, there shall be two categories of bonds issue…
NMSA 1978, § 7-29-1 Title
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Chapter 7, Article 29 NMSA 1978 may be cited as the "Oil and Gas Severance Tax Act". History: 1953 Comp., § 72-19-1, enacted by Laws 1959, ch. 52, § 1; 1985, ch. 65, § 27.
NMSA 1978, § 7-29-2 Definitions
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As used in the Oil and Gas 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. "production unit" means a…
NMSA 1978, § 7-29-23 Advance payment required
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A. Any person required to make payment of tax pursuant to Section 7-29-7 or 7-29- 8 NMSA 1978 shall make the advance payment required by this section. B. For the purposes of this section: (1) "advance payment" means the payment required to be made by this section in addition to a…
NMSA 1978, § 7-29-4 Oil and gas severance tax imposed; collection; interest
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owner's liability to state; Indian liability. A. There is imposed and shall be collected by the department a tax on all products that are severed and sold, except as provided in Subsection B of this section. The measure of the tax and the rates are: (1) on natural gas severed and…
NMSA 1978, § 7-29-4.1 Taxable value; method of determining
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To determine the taxable value of oil and of other liquid hydrocarbons removed from natural gas at or near the wellhead, of carbon dioxide, of helium, of non-hydrocarbon gases, of natural gas from new production natural gas wells and of natural gas severed after June 30, 1990, th…
NMSA 1978, § 7-29-4.2 Value may be determined by department; standard
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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 uni…
NMSA 1978, § 7-29-4.3 Price increase subject to approval of agency of United
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States of America, state of New Mexico or court; refund. When an increase in the value of any product is subject to the approval of any agency of the United States of America or the state of New Mexico or any court, the increased value shall be subject to this tax. In the event t…
NMSA 1978, § 7-29-5 Products on which tax has been levied; department rule
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The tax shall not be levied more than once on the same product. Reporting of products on which the tax has been paid shall be subject to department rule. History: 1953 Comp., § 72-19-8, enacted by Laws 1959, ch. 52, § 8; 1978 Comp., § 7- 29-5, 2025, ch. 130, § 116.
NMSA 1978, § 7-29-6 Operator or purchaser to withhold interest owner's tax;
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department may require withholding of tax; tax withheld to be remitted to the state; operator or purchaser to be reimbursed. A. Any operator making a monetary payment to an interest owner for the interest owner's portion of the value of products from a production unit shall withh…
NMSA 1978, § 7-29-7 Operator's report; tax remittance; additional information
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Each operator shall, in the form and manner required by the department, file a return with the department showing the total value, volume and kind of products sold from each production unit for each calendar month. All taxes due or to be remitted by the operator shall accompany t…
NMSA 1978, § 7-29-8 Purchaser's report; tax remittance; additional information
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Each purchaser shall, in the form and manner required by the department, file a return to the department showing the total value, volume and kind of products purchased by the purchaser from each production unit for each calendar month. All taxes due or to be remitted by the purch…
NMSA 1978, § 7-29A-1 Short title
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Chapter 7, Article 29A NMSA 1978 may be cited as the "Enhanced Oil Recovery Act". History: Laws 1992, ch. 38, § 1; 1993, ch. 30, § 26.
NMSA 1978, § 7-29A-2 Definitions
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As used in the Enhanced Oil Recovery Act: A. "crude oil" means oil and other liquid hydrocarbons removed from natural gas at or near the wellhead; B. "division" means the oil conservation division of the energy, minerals and natural resources department; C. "enhanced recovery pro…
NMSA 1978, § 7-29A-3 Procedures for qualifying for the recovered oil tax rate
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A. Crude oil severed and sold from an enhanced recovery project or the expansion of an existing project shall qualify for the recovered oil tax rate if, before the enhanced recovery project or expansion begins operation, the division approves the project or expansion and designat…
NMSA 1978, § 7-29A-4 Notification to the secretary of taxation and revenue;
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duties of the secretary. A. The division shall immediately notify the secretary of taxation and revenue upon: (1) certifying that a positive production response has occurred for an enhanced oil recovery project, in which case the notice shall contain the date certification was ma…
NMSA 1978, § 7-29A-5 Secretary of taxation and revenue approval; refund
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A. The person responsible for paying the oil and gas severance tax on production from the enhanced recovery project shall not qualify to receive the recovered oil tax rate unless that person: (1) applies to the secretary of taxation and revenue in the form and manner prescribed b…
NMSA 1978, § 7-29B-1 Short title
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Sections 1 through 6 [7-29B-1 to 7-29B-6 NMSA 1978] of this act may be cited as the "Natural Gas and Crude Oil Production Incentive Act". History: Laws 1995, ch. 15, § 1.
NMSA 1978, § 7-29B-2 Definitions
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As used in the Natural Gas and Crude Oil Production Incentive Act: A. "average annual taxable value" means the average of the taxable value per barrel, determined pursuant to Section 7-31-5 NMSA 1978, of all oil produced in New Mexico for the specified calendar year as determined…
NMSA 1978, § 7-29B-3 Approval of production restoration projects, well workover
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projects and stripper well properties. A. A natural gas or oil well shall be approved by the division as a production restoration project if: (1) the operator of the well makes application to the division in accordance with the provisions of the Natural Gas and Crude Oil Producti…
NMSA 1978, § 7-29B-4 Application procedures; certification of approval; rules;
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administration. A. The operator of a proposed production restoration project or well workover project shall apply to the division for approval of a production restoration project or a well workover project in the form and manner prescribed by the division and shall provide any re…
NMSA 1978, § 7-29B-5 Notice to secretary of taxation and revenue
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The division shall notify immediately the secretary of taxation and revenue upon: A. adoption of rules pursuant to the provisions of the Natural Gas and Crude Oil Production Incentive Act; B. certification of the date that production has been restored on a production restoration …
NMSA 1978, § 7-29B-6 Qualification for production restoration incentive tax
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exemption and well workover and stripper well property incentive tax rate; secretary of taxation and revenue approval; refund. A. The person responsible for paying the oil and gas severance tax on natural gas or oil produced from a production restoration project shall qualify to …
NMSA 1978, § 7-29C-1 Intergovernmental tax credits
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A. Any person who is liable for the payment of the oil and gas severance tax, the oil and gas conservation tax, the oil and gas emergency school tax or the oil and gas ad valorem production tax imposed on products severed from Indian tribal land or imposed on the privilege of sev…
NMSA 1978, § 7-29C-2 Intergovernmental tax credit; severance tax on coal
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A. Any person who is liable pursuant to Section 7-26-6 NMSA 1978 for the payment of the severance tax on coal severed and saved from tribal land is entitled to a credit to be computed under this section and to be deducted from the payment of the indicated tax. The credit provided…
NMSA 1978, § 7-30-1 Title
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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.
NMSA 1978, § 7-30-10 Operator's report; tax remittance; additional information
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Each operator shall, in the form and manner required by the department, make a return to the department showing the total value, volume and kind of products sold from each production unit for each calendar month. All taxes due or to be remitted by the operator shall accompany thi…
NMSA 1978, § 7-30-11 Purchaser's report; tax remittance; additional information
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Each purchaser shall, in the form and manner required by the department, make a return to the department showing the total value, volume and kind of products purchased by him from each production unit for each calendar month. All taxes due or to be remitted by the purchaser shall…
NMSA 1978, § 7-30-2 Definitions
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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" mean…
NMSA 1978, § 7-30-27 Advance payment required
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A. Any person required to make payment of tax pursuant to Section 7-30-10 or 7- 30-11 NMSA 1978 shall make the advance payment required by this section. B. For the purposes of this section: (1) "advance payment" means the payment required to be made by this section in addition to…
NMSA 1978, § 7-30-4 Oil and gas conservation tax levied; collected by
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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 …
NMSA 1978, § 7-30-5 Taxable value; method of determining
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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 N…
NMSA 1978, § 7-30-6 Value may be determined by department; standard
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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 uni…
NMSA 1978, § 7-30-7 Price increase subject to approval of agency of United
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States of America, state of New Mexico or court; refund. When an increase in the value of any product is subject to the approval of any agency of the United States of America or the state of New Mexico, or any court, the increased value shall be subject to this tax. In the event …
NMSA 1978, § 7-30-8 Products on which tax has been levied; regulation by
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department. This tax shall not be levied more than once on the same product. Reporting of products on which this tax has been paid shall be subject to the regulation of the department. History: 1953 Comp., § 72-20-8, enacted by Laws 1959, ch. 53, § 8; 1989, ch. 130, § 8.
NMSA 1978, § 7-30-9 Operator or purchaser to withhold interest owner's tax;
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department may require withholding of tax; tax withheld to be remitted to the state; operator or purchaser to be reimbursed. A. Any operator making a monetary payment to an interest owner for the interest owner's portion of the value of products from a production unit shall withh…
NMSA 1978, § 7-31-1 Title
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Chapter 7, Article 31 NMSA 1978 may be cited as the "Oil and Gas Emergency School Tax Act". History: 1953 Comp., § 72-21-1, enacted by Laws 1959, ch. 54, § 1; 1985, ch. 65, § 34.
NMSA 1978, § 7-31-10 Operator's report; tax remittance; additional information
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Each operator shall, in the form and manner required by the department, file a return with the department showing the total value, volume and kind of products sold from each production unit for each calendar month. All taxes due or to be remitted by the operator shall accompany t…
NMSA 1978, § 7-31-11 Purchaser's report; tax remittance; additional information
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Each purchaser shall, in the form and manner required by the department, file a return to the department showing the total value, volume and kind of products purchased by the purchaser from each production unit for each calendar month. All taxes due or to be remitted by the purch…
NMSA 1978, § 7-31-2 Definitions
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As used in the Oil and Gas Emergency School 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" …
NMSA 1978, § 7-31-26 Advance payment required
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A. Any person required to make payment of tax pursuant to Section 7-31-10 or 7- 31-11 NMSA 1978 shall make the advance payment required by this section. B. For the purposes of this section: (1) "advance payment" means the payment required to be made by this section in addition to…
NMSA 1978, § 7-31-27 Jicarilla Apache tribal capital improvements tax credit
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A. A person who is liable for the payment of the oil and gas emergency school tax imposed on products severed from Jicarilla Apache tribal land or imposed on the privilege of severing products from Jicarilla Apache tribal land shall be entitled to a credit to be computed pursuant…
NMSA 1978, § 7-31-4 Privilege tax levied; collected by department; rate; interest
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owner's liability to state; Indian liability. A. There is imposed and shall be collected by the department a privilege tax on all products that are severed and sold. The measure of the tax shall be: (1) on oil and on oil and other liquid hydrocarbons removed from natural gas at o…
NMSA 1978, § 7-31-5 Taxable value; method of determining
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To determine the taxable value there shall be deducted from the value of products: A. royalties paid or due the United States or the state of New Mexico; B. royalties paid or due any Indian tribe, Indian pueblo or Indian that is a ward of the United States of America; and C. the …
NMSA 1978, § 7-31-6 Value may be determined by department; standard
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A. The department may determine the value of products severed from a production unit when: (1) the operator and purchaser are affiliated persons; (2) the sale and purchase of products is not an arm's length transaction; or (3) products are severed and removed from a production un…
