Every organization is liable for any difference between an amount equal to the product of the tax rate specified in Subsection A of Section 7-11-3 NMSA 1978 multiplied by its gross earnings and the sum of withheld taxes remitted for that organization by one or more railroad companies for that year.
History: 1978 Comp., § 7-11-6, enacted by Laws 1982, ch. 18, § 22; 1988, ch. 95, § 3.
ANNOTATIONSRepeals and reenactments. — Laws 1982, ch. 18, § 22, repealed former 7-11-6 NMSA 1978, relating to limitations on the amount of tax to be imposed on railroad car companies such that it shall not exceed the ad valorem rate, and enacted a new section.