A. On the day prior to the day that the excise tax imposed by Section 7-13-3 NMSA 1978 is increased, each distributor, wholesaler and retailer shall take inventory of the gallons of gasoline on hand.
B. Distributors and wholesalers shall report total gallons of gasoline in inventory on the day prior to the day that an increase in the gasoline tax rate is effective and pay any tax due imposed by Section 7-13-3.1 NMSA 1978.
C. Retailers shall maintain a record of the total gallons of gasoline in inventory on the day prior to the day that an increase in the gasoline tax rate is effective and shall not increase the price of the gasoline sold until the inventory is disposed of in the ordinary course of business.
History: 1978 Comp., § 7-13-3.2, enacted by Laws 1979, ch. 166, § 8; 1985, ch. 35, § 2; 1993, ch. 32, § 4; 1994, ch. 5, § 24; 1995, ch. 70, § 16.
ANNOTATIONSThe 1995 amendment, effective July 1, 1995, deleted Subsection D which read: "The department shall promulgate regulations required to administer this section."
The 1994 amendment, effective May 18, 1994, deleted "or decreased" following "increased" in Subsection A, "or decrease" following "increase" and "excise" following "the gasoline" in Subsection B, and "excise" following "in the gasoline" and "or reduce" following "not increase" in Subsection C.
The 1993 amendment, effective June 18, 1993, substituted "On the day prior to the day that the excise tax imposed by Section 7-13-3 NMSA 1978 is increased or decreased" for "On July 1 of the calendar year in which the excise tax is imposed by Section 7-13-3 NMSA 1978" in Subsection A, "the day prior to the day that an increase or decrease in the gasoline excise tax rate is effective" for July 1" in Subsections B and C, and "department" for "division" in Subsection D.