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.
ANNOTATIONSCross references. — For intergovernmental tax credits, see 7-29C-1 NMSA 1978.
Severance tax is excise, not property, tax. — A tax upon oil and gas severed from soil under Laws 1933, ch. 72, was an excise tax and not a property tax on tangible property not in proportion to value thereof, and was not unconstitutional. Flynn, Welch & Yates, Inc. v. State Tax Comm'n, 1934-NMSC-001, 38 N.M. 131, 28 P.2d 889.
Law reviews. — For article, "New Mexico's Effort at Rational Taxation of Hard-Minerals Extraction," see 10 Nat. Resources J. 415 (1970).
For note, "Tribal Severance Taxes - Outside the Purview of the Commerce Clause," see 21 Nat. Resources J. 405 (1981).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 219, 614.
Oil and gas rights or privileges as independent subject of taxation, or as tangible property for purposes of taxation, 16 A.L.R. 513.
Validity of privilege or occupation tax on business of severing natural resources from soil, 32 A.L.R. 827.
84 C.J.S. Taxation §§ 208.