A. At the close of business on the day prior to any date on which the cigarette tax imposed by Section 7-12-3 NMSA 1978 is increased, each distributor shall take inventory of tax-exempt stamps, tax-credit stamps and tax stamps on hand, including stamps affixed to packages of cigarettes.
B. Each distributor shall report the total number of tax-exempt stamps, tax-credit stamps and tax stamps in inventory at the close of business on the day prior to the date on which the cigarette tax increases and pay the cigarette inventory tax due.
History: 1978 Comp., § 7-12-3.2, enacted by Laws 1986, ch. 13, § 4; 2006, ch. 91, § 3; 2010 (2nd S.S.), ch. 5, § 5.
ANNOTATIONSThe 2010 (2nd S. S.) amendment, effective July 1, 2010, in Subsection A, at the beginning of the sentence, deleted "On" and added "At the close of business on the day prior to" and after "inventory of tax-exempt stamps", added "tax-credit stamps"; and in Subsection B, after "number of tax-exempt stamps", added "tax-credit stamps" and after "tax stamps in inventory", deleted "on" and added "at the close of business on the day prior to".
The 2006 amendment, effective May 17, 2006, in Subsection A, provided that the distributor shall take an inventory of tax-exempt stamps and tax stamps; and in Subsection B, provided that the distributor shall report the number of tax-exempt stamps and tax stamps.