Rate and measure of tax; denomination as "resources tax".

  1. Law
  2. New Mexico Statutes
  3. Taxation
  4. Resources Excise Tax
  5. Rate and measure of tax; denomination as "resources tax".

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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 percent;

(2) potash, one-half of one percent; and

(3) molybdenum, one-eighth of one percent.

B. The tax imposed by this section shall be referred to as the "resources tax".

History: 1953 Comp., § 72-16A-23, enacted by Laws 1966, ch. 48, § 4; 1970, ch. 8, § 3; 1973, ch. 144, § 1; 1999, ch. 177, § 1; repealed and reenacted by 1999, ch. 177, § 2.

ANNOTATIONS

Cross references. — For exemption of natural resource on which processors tax is paid, see 7-25-7 NMSA 1978.

1999 amendments. — Laws 1999, ch. 177, § 1, for tax years beginning July 1, 1999 and ending July 1, 2002, reduced the three-quarters of one percent tax on copper in Subsection A and provided for a resources tax on copper of one-fourth of one percent until July 1, 2002. See Laws 1999, ch. 177, § 5 for the applicability of Laws 1999, ch. 177, §§ 1 and 3.

Laws 1999, ch. 177, § 2, applicable for the tax year beginning July 1, 2002, repealed and reenacted 7-25-4 NMSA 1978 to increase the resources tax on copper from one-fourth of one percent to three-quarters of one percent. See Laws 1999, ch. 177, § 6 for the applicability of Laws 1999, ch. 177, §§ 2 and 4.

Law reviews. — For comment, "Approaches to State Taxation of the Mining Industry," see 10 Nat. Resources J. 156 (1970).

For article, "New Mexico's Effort at Rational Taxation of Hard-Minerals Extraction," see 10 Nat. Resources J. 415 (1970).

For comment, "Taxation of the Uranium Industry: An Economic Proposal," see 7 N.M. L. Rev. 69 (1976-77).

For article, "Evaluating Congressional Limits on a State's Severance Tax Equity Interest in Its Natural Resources: An Essential Responsibility for the Supreme Court," see 22 Nat. Resources J. 673 (1982).

Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 218, 614.


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