reglab/housing_qa huggingface dataset:
NM Stat § 7-27-31 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-31 - Severance tax income bond retirement fund created.

There is created the "severance tax income bond retirement fund." Transfers from the severance tax income fund shall be made monthly to the severance tax income bond retirement fund in an amount sufficient, when added to the balance in the fund, to meet all principal and interest payments on bonds payable from the severance tax income bond retirement fund during the next twelve months. History: Laws 1981 (1st S.S.), ch. 9, § 4. ANNOTATIONSEffective dates. — Laws 1981 (1st S.S.), ch 9. § 23 made Laws 1981 (1st S.S.), ch. 9, § 4 effective July 1, 1981.
NM Stat § 7-27-32 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-32 - Severance tax income bond retirement fund pledged.

The money in the severance tax income bond retirement fund is pledged for the principal and interest on all severance tax income bonds issued after the effective date of the Severance Tax Income Bonding Act. History: Laws 1981 (1st S.S.), ch. 9, § 5. ANNOTATIONSCompiler's notes. — Pursuant to Laws 1981 (1st S.S.), ch. 9, § 23, the effective date of the Severance Tax Income Bonding Act was July 1, 1981. The Severance Tax Income Bonding Act, referred to in this section, is presently compiled as 7-27-31, 7-27-32, 7-27-42 to 7-27-44, 7-27-46, 7-27-47 NMSA 1978.
NM Stat § 7-27-33 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-33 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-33 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 6, relating to special income to retire bonds, effective May 21, 1986.
NM Stat § 7-27-34 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-34 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-34 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 7, relating to severance tax income bonds, effective May 21, 1986.
NM Stat § 7-27-35 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-35 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-35 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 8, relating to state board of finance issuance of bonds, effective May 21, 1986.
NM Stat § 7-27-36 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-36 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-36 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 9, relating to authority to refund bonds, effective May 21, 1986.
NM Stat § 7-27-37 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-37 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-37 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 10, relating to security for bonds, effective May 21, 1986.
NM Stat § 7-27-38 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-38 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-38 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 11, relating to majority approval necessary for board action, effective May 21, 1986.
NM Stat § 7-27-39 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-39 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-39 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 12, relating to form of bonds, effective May 21, 1986.
NM Stat § 7-27-40 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-40 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-40 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 13, relating to execution of bonds and coupons, effective May 21, 1986.
NM Stat § 7-27-41 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-41 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-41 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 14, relating to procedure for sale of bonds, effective May 21, 1986.
NM Stat § 7-27-42 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-42 - Severance tax income bonds; legal investments.

Severance tax income bonds are legal investments for any person or board charged with the investment of any public funds and are acceptable as security for any deposit of public money. History: Laws 1981 (1st S.S.), ch. 9, § 15.
NM Stat § 7-27-43 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-43 - Expenses paid from severance tax income bond retirement fund.

The expense incurred in the issuance of severance tax income bonds shall be paid from the severance tax income bond retirement fund. History: Laws 1981 (1st S.S.), ch. 9, § 16.
NM Stat § 7-27-44 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-44 - Treasurer to make bond payments and keep records.

Bonds payable from the severance tax income bond retirement fund shall be paid by the state treasurer who shall keep a complete bond register showing bonds and coupons paid and outstanding and such other records as the state board of finance requires. History: Laws 1981 (1st S.S.), ch. 9, § 17; 1986, ch. 20, § 97.
NM Stat § 7-27-45 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-45 - Repealed.

ANNOTATIONSRepeals. — Laws 1986, ch. 20, § 136C repealed 7-27-45 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 18, making the Severance Tax Income Bonding Act the full authority for issuance of bonds, effective May 21, 1986.
NM Stat § 7-27-46 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-46 - Suit may be brought to compel performance of officers.

Any holder of severance tax income bonds, or any person or officer being a party in interest, may sue to enforce and compel the performance of the provisions of the Severance Tax Income Bonding Act. History: Laws 1981 (1st S.S.), ch. 9, § 19. ANNOTATIONSCompiler's notes. — The Severance Tax Income Bonding Act, referred to in this section, is presently compiled as 7-27-31, 7-27-32, 7-27-42 to 7-27-44, 7-27-46, 7-27-47 NMSA 1978.
NM Stat § 7-27-47 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-47 - Bonds tax-free.

Interest earned on all severance tax income bonds shall be exempt from taxation by the state or any of its political subdivisions. History: Laws 1981 (1st S.S.), ch. 9, § 20.
NM Stat § 7-27-48 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 27 - Severance Tax Bonding Act|Section 7-27-48 - Temporary provision; no impairment of obligation of contract.

Nothing in this act shall be construed as impairing or authorizing the impairment of the contract between the state and the holders of severance tax bonds authorized or issued, or both, prior to the effective date of this act. History: Laws 1981 (1st S.S.), ch. 9, § 22. ANNOTATIONSCompiler's notes. — The term "this act", referred to in this section, means Laws 1981 (1st S.S.), ch. 9, which is presently compiled as 7-27-31, 7-27-32, 7-27-42 to 7-27-44, 7-27-46, 7-27-47 NMSA 1978. Laws 2007, ch. 64, § 5, effective March 29, 2007, authorized the issuance of severance tax bonds for state laboratory facilities.
NM Stat § 7-28-1 to 7-28-13 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 28 - Oil and Gas Accounting (Repealed.)|Section 7-28-1 to 7-28-13 - Repealed.

ANNOTATIONSRepeals. — Laws 1985, ch. 65, § 46 repealed 7-28-1 to 7-28-13 NMSA 1978, relating to the Oil and Gas Accounting Commission Act, effective July 1, 1985.
NM Stat § 7-29-1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-1 - Title.

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.
NM Stat § 7-29-3 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-3 - Repealed.

ANNOTATIONSRepeals. — Laws 1985, ch. 65, § 46 repealed 7-29-3 NMSA 1978, as enacted by Laws 1959, ch. 52, § 3, relating to the purpose and declaration of intention of the Oil and Gas Severance Tax Act, effective July 1, 1985.
NM Stat § 7-29-4.1 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-4.1 - Taxable value; method of determining.

To determine the taxable value of oil and of other liquid hydrocarbons removed from natural gas at or near the wellhead, of carbon dioxide, of helium, of non-hydrocarbon gases, of natural gas from new production natural gas wells and of natural gas severed after June 30, 1990, there shall be deducted from the value of products: A. royalties paid or due the United States or the state of New Mexico; B. royalties paid or due any Indian tribe, Indian pueblo or Indian that is a ward of the United States of America; and C. the reasonable expense of trucking any product from the production unit to the first place of market. History: 1978 Comp., § 7-29-4.1, enacted by Laws 1980, ch. 62, § 6; 1989, ch. 130, § 3; 2005, ch. 130, § 3. ANNOTATIONSThe 2005 amendment, effective July 1, 2005, provided the method to determine the taxable value of helium and non-hydrocarbon gases. The 1989 amendment, effective June 16, 1989, inserted "of carbon dioxide, of natural gas from new production natural gas wells and of natural gas severed after June 30, 1990" in the undesignated introductory paragraph. Transportation adjustment. — Regulation 3.18.6.9 NMAC required all owners of pipelines at the time of the adoption of the regulation to use the owners' predecessors' depreciation schedule to calculate the transportation adjustment for years subsequent to 1991. Kinder Morgan CO2 Co. v. N.M. Taxation & Revenue Dep't, 2009-NMCA-019, 145 N.M. 579, 203 P.3d 110, cert. denied, 2009-NMCERT-001, 145 N.M. 655, 203 P.3d 870. Where a pipeline was constructed by the first owner prior to 1985 for $7.9 million; the pipeline was purchased by a second owner in 1985 for $45 million; and the pipeline was purchased in 1998 by the taxpayer, 3.18.6.9 NMAC, which was adopted in 1991, required the second owner and the taxpayer to calculate the transportation adjustment for years subsequent to 1991 on the basis of the first owner's depreciation schedule which was based on a $7.9 million cost to construct the pipeline. Kinder Morgan CO2 Co. v. N.M. Taxation & Revenue Dep't, 2009-NMCA-019, 145 N.M. 579, 203 P.3d 110, cert. denied, 2009-NMCERT-001, 145 N.M. 655, 203 P.3d 870.
NM Stat § 7-29-4.2 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-4.2 - Value may be determined by department; standard.

The department may determine the value of products severed from a production unit when: A. the operator and purchaser are affiliated persons; B. the sale and purchase of products is not an arm's length transaction; or when C. products are severed and removed from a production unit and a value as defined in the Oil and Gas Severance Tax Act is not established for such products. The value determined by the department shall be commensurate with the actual price received for products of like quality, character and use which are severed in the same field or area. If there are no sales of products of like quality, character and use severed in the same field or area, then the department shall establish a reasonable value. History: 1978 Comp., § 7-29-4.2, enacted by Laws 1980, ch. 62, § 7; 1989, ch. 130, § 4. ANNOTATIONSCross references. — For payments of royalties in oil, see 19-10-64 NMSA 1978 et seq. The 1989 amendment, effective June 16, 1989, substituted "department" for "division" in the catchline, substituted "department" for "oil and gas accounting division" throughout the section, and made minor stylistic changes throughout the section. Determination of value. — The statute does not mandate the way in which the department must calculate processing costs, whether by a comparable value or by some other method. Rather, the final value of natural gas calculated by the department must be commensurate with similar products. Chevron U.S.A., Inc. v. State ex rel. Taxation and Revenue Dep't, 2006-NMCA-050, 139 N.M. 498, 134 P.3d 785, cert. denied, 2006-NMCERT-005, 139 N.M. 567, 136 P.3d 568. Burden to prove propriety of regulations. — An administrative agency does not have the burden to show that its regulations are proper. The department's regulation regarding the presumption of control was rational and valid. Chevron U.S.A., Inc. v. State ex rel. Taxation and Revenue Dep't, 2006-NMCA-050, 139 N.M. 498, 134 P.3d 785, cert. denied, 2006-NMCERT-005, 139 N.M. 567, 136 P.3d 568.
NM Stat § 7-29-4.3 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-4.3 - Price increase subject to approval of agency of United States of America, state of New Mexico or court; refund.

When an increase in the value of any product is subject to the approval of any agency of the United States of America or the state of New Mexico or any court, the increased value shall be subject to this tax. In the event the increase in value is disapproved, either in whole or in part, then the amount of tax which has been paid on the disapproved part of the value shall be considered excess tax. Any person who has paid any such excess tax may apply for a refund of that excess tax in accordance with the provisions of Section 7-1-26 NMSA 1978. History: 1978 Comp., § 7-29-4.3, enacted by Laws 1980, ch. 62, § 8; 1985, ch. 65, § 28. ANNOTATIONSFederal class action settlement agreement. — Where taxpayer was party to a settlement agreement that was approved by a federal district court in a class action involving the underpayment of royalties on the production of carbon dioxide gas; the settlement agreement settled the allegation that taxpayer had suppressed the price of carbon dioxide gas; and part of the proceeds of the settlement agreement were compensation to royalty interest owners for the failure to obtain a reasonable sales price for the carbon dioxide gas, the settlement agreement constituted an order that increased the value of the carbon dioxide gas previously reported by taxpayer and a taxable event under Section 7-29-4.3 NMSA 1978. Hess Corp. v. N.M. Taxation & Revenue Dep't, 2011-NMCA-043, 149 N.M. 527, 252 P.3d 751, cert. denied, 2011-NMCERT-003, 150 N.M. 619, 264 P.3d 520.
NM Stat § 7-29-4.4 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-4.4 - Repealed.

ANNOTATIONSRepeals. — Laws 1989, ch. 130, § 14 repealed 7-29-4.4 NMSA 1978, as enacted by Laws 1980, ch. 97, § 2, relating to carbon dioxide severance tax imposed, collection, interest owner's liability to state, Indian liability, effective June 16, 1989.
NM Stat § 7-29-4.5 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-4.5 - Repealed.

ANNOTATIONSRepeals. — Laws 1989, ch. 130, § 14 repealed 7-29-4.5 NMSA 1978, as enacted by Laws 1980, ch. 97, § 3, relating to method of determining taxable value on carbon dioxide, effective June 16, 1989.
NM Stat § 7-29-4.6 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-4.6 - Repealed.

ANNOTATIONSRepeals. — Laws 1995, ch. 70, § 23 repealed 7-29-4.6 NMSA 1978, as enacted by Laws 1980, ch. 62, § 11, relating to a temporary tax credit for persons liable for payment of taxes imposed by 7-26-9 NMSA 1978 or 7-29-4 NMSA 1978, effective July 1, 1995. For provisions of former section, see the 1994 NMSA 1978 on NMOneSource.com.
NM Stat § 7-29-4.7 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-4.7 - Repealed.

ANNOTATIONSRepeals. — Laws 1989, ch. 130, § 14 repealed 7-29-4.7 NMSA 1978, as enacted by Laws 1980, ch. 62, § 13, relating to surtax applicability, effective June 16, 1989.
NM Stat § 7-29-5 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-5 - Products on which tax has been levied; regulation by commission.

This tax shall not be levied more than once on the same product. Reporting of products on which this tax has been paid shall be subject to the regulation of the commission. History: 1953 Comp., § 72-19-8, enacted by Laws 1959, ch. 52, § 8. ANNOTATIONSCompiler's notes. — For the meaning of "commission", see 7-29-2A NMSA 1978.
NM Stat § 7-29-6 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-6 - Operator or purchaser to withhold interest owner's tax; commission may require withholding of tax; tax withheld to be remitted to the state; operator or purchaser to be reimbursed.

Any operator making a monetary payment to an interest owner for his portion of the value of products from a production unit shall withhold from such payment the amount of tax due from the interest owner. Any purchaser who, by express or implied agreement with the operator, makes a monetary payment to an interest owner for his portion of the value of products from a production unit, shall withhold from such payment the amount of tax due from the interest owner. The commission may require any purchaser making a monetary payment to an interest owner for his portion of the value of products from a production unit to withhold from such payment the amount of tax due from the interest owner. Any operator or purchaser who pays any tax due from an interest owner shall be entitled to reimbursement from the interest owner for the tax so paid and may take credit for such amount from any monetary payment to the interest owner for the value of products. History: 1953 Comp., § 72-19-9, enacted by Laws 1959, ch. 52, § 9. ANNOTATIONSCompiler's notes. — For the meaning of "commission", see 7-29-2A NMSA 1978. Tax liability of interest owners. — Although, pursuant to Section 7-29-4(C) NMSA 1978, each interest owner is liable for its proportionate share of the calculated tax, the law does not mandate or even contemplate the determination of different taxable values for each of the various interest owners based on proceeds received downstream from the wellhead. The law is satisfied so long as (1) carbon dioxide production is accurately measured and valued as a whole at the wellhead, (2) the appropriate tax rate is applied to that production to calculate the total tax owed, and (3) the total tax is allocated to the various interest owners in proportion to their fractional interest in that production. Any readjustment in the allocation of the tax burden among working interest owners and royalty interest owners is left to private contract. Feerer v. Amoco Prod. Co., 242 F.3d 1259 (10th Cir. 2001).
NM Stat § 7-29-7 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-7 - Operator's report; tax remittance; additional information.

Each operator shall, in the form and manner required by the division, make a return to the division showing the total value, volume and kind of products sold from each production unit for each calendar month. All taxes due, or to be remitted, by the operator shall accompany this return. The return shall be filed on or before the twenty-fifth day of the second month after the calendar month for which the return is required. Any additional report or information the division may deem necessary for the proper administration of the Oil and Gas Severance Tax Act may be required. History: 1953 Comp., § 72-19-10, enacted by Laws 1959, ch. 52, § 10; 1986, ch. 5, § 2.
NM Stat § 7-29-8 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-8 - Purchaser's report; tax remittance; additional information.

Each purchaser shall in the form and manner required by the division make a return to the division showing the total value, volume and kind of products purchased by him from each production unit for each calendar month. All taxes due, or to be remitted, by the purchaser shall accompany this return. The return shall be filed on or before the twenty-fifth day of the second month after the calendar month for which the return is required. Any additional reports or information the division may deem necessary for the proper administration of the Oil and Gas Severance Tax Act may be required. History: 1953 Comp., § 72-19-11, enacted by Laws 1959, ch. 52, § 11; 1986, ch. 5, § 3. ANNOTATIONSCross references. — For the meaning of "division", see 7-29-2A NMSA 1978.
NM Stat § 7-29-9 to 7-29-22 (2021)
2021 New Mexico Statutes|Chapter 7 - Taxation|Article 29 - Oil and Gas Severance Tax|Section 7-29-9 to 7-29-22 - Repealed.

ANNOTATIONSRepeals. — Laws 1985, ch. 65, § 46 repealed 7-29-9 to 7-29-22 NMSA 1978, relating to the fund and remedies under the Oil and Gas Severance Tax Act, effective July 1, 1985.