reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 24B - Special County Hospital Gasoline Tax (Repealed.) › Section 7-24B-5.1 - Repealed.

History:
1978 Comp., § 7-24B-5.1, enacted by Laws 1990, ch. 88, § 16; repealed by Laws 2019, ch. 274, § 16.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 274, § 16 repealed 7-24B-5.1 NMSA 1978, as enacted by Laws 1990, ch. 88, § 16, relating to registration required, effective July 1, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 24B - Special County Hospital Gasoline Tax (Repealed.) › Section 7-24B-6 - Repealed.

History:
Laws 1987, ch. 45, § 15; 1990, ch. 88, § 17; repealed by Laws 2019, ch. 274, § 16.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 274, § 16 repealed 7-24B-6 NMSA 1978, as enacted by Laws 1987, ch. 45, § 15, relating to ordinance shall conform to certain provisions of the Gasoline Tax Act, effective July 1, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 24B - Special County Hospital Gasoline Tax (Repealed.) › Section 7-24B-7 - Repealed.

History:
Laws 1987, ch. 45, § 16; 1990, ch. 88, § 18; 1993, ch. 30, § 24; repealed by Laws 2019, ch. 274, § 16.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 274, § 16 repealed 7-24B-7 NMSA 1978, as enacted by Laws 1987, ch. 45, § 16, relating to referendum requirements, effective July 1, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 24B - Special County Hospital Gasoline Tax (Repealed.) › Section 7-24B-8 - Repealed.

History:
Laws 1987, ch. 45, § 17; 1990, ch. 88, § 19; repealed by Laws 2019, ch. 274, § 16.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 274, § 16 repealed 7-24B-8 NMSA 1978, as enacted by Laws 1987, ch. 45, § 17, relating to collection of special county hospital gasoline tax, effective July 1, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 24B - Special County Hospital Gasoline Tax (Repealed.) › Section 7-24B-9 - Repealed.

History:
Laws 1987, ch. 45, § 18; 1990, ch. 88, § 20; repealed by Laws 2019, ch. 274, § 16.
ANNOTATIONS
Repeals.
— Laws 2019, ch. 274, § 16 repealed 7-24B-9 NMSA 1978, as enacted by Laws 1987, ch. 45, § 18, relating to interpretation of Special County Hospital Gasoline Tax Act, effective July 1, 2019. For provisions of former section,
see
the 2018 NMSA 1978 on
NMOneSource.com
.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 24B - Special County Hospital Gasoline Tax (Repealed.) › Section 7-24B-10 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1990, ch. 88, § 21 repealed 7-24B-10 NMSA 1978, as enacted by Laws 1987, ch. 45, § 19, relating to imposition of federal regulations, effective May 16, 1990. For provisions of former section,
see
the 1989 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 25 - Resources Excise Tax › Section 7-25-1 - Short title.

Chapter 7, Article 25 NMSA 1978 may be cited as the "Resources Excise Tax Act".
History:
1953 Comp., § 72-16A-20, enacted by Laws 1966, ch. 48, § 1; 1985, ch. 65, § 21.
ANNOTATIONS
Cross references.
— For provisions governing administration and enforcement,
see
7-1-2 NMSA 1978.
For duty of successor in business with respect to this act,
see
7-1-61 NMSA 1978 et seq.
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, "Coal Taxation in the Western States: The Need for a Regional Tax Policy," see 16 Nat. Resources J. 415 (1976).
For comment, "Taxation of the Uranium Industry: An Economic Proposal," see 7 N.M. L. Rev. 69 (1976-77).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
71 Am. Jur. 2d State and Local Taxation §§ 28 to 30, 614.
84 C.J.S. Taxation § 95 et seq.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 25 - Resources Excise Tax › Section 7-25-2 - Purpose.

The purpose of the Resources Excise Tax Act is to provide revenue for public purposes by levying a tax on the privilege of severing and processing natural resources within New Mexico.
History:
1953 Comp., § 72-16A-21, enacted by Laws 1966, ch. 48, § 2.
ANNOTATIONS
Effective dates.
— Laws 1966, ch. 48, § 14 made Laws 1966, ch. 48, § 2 effective July 1, 1967.
Primary purpose of Resources Excise Tax Act
is to encourage the development of the extractive industries of this state through the imposition of rates that are a fraction of the gross receipts tax (
see
Sections 7-9-1 to 7-9-81 NMSA 1978).
Carter & Sons, Inc. v. N.M. Bureau of Revenue
, 1979-NMCA-025, 92 N.M. 591, 592 P.2d 191.
Taxation of lumber business activities.
— "Road maintenance" and "hauling" are an integral and indispensable part of a taxpayer's activity of severing timber and delivering it to a lumber mill and as such are exempt from the gross receipts tax (
see
Sections 7-9-1 to 7-9-81 NMSA 1978) by the provisions of Section 7-9-35 NMSA 1978, while being taxable under the Resources Excise Tax Act.
Carter & Sons, Inc. v. N.M. Bureau of Revenue
, 1979-NMCA-025, 92 N.M. 591, 592 P.2d 191.
Am. Jur. 2d, A.L.R. and C.J.S. references. —
84 C.J.S. Taxation § 95 et seq.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 25 - Resources Excise Tax › Section 7-25-4 - Rate and measure of tax; denomination as "resources tax".

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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 25 - Resources Excise Tax › Section 7-25-5 - Rate and measure of tax; denomination as "processors tax".

A. For the privilege of processing natural resources, there is imposed on any processor 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 timber, potash and molybdenum, three-fourths of one percent;
(2) timber, three-eighths of one percent;
(3) potash, one-eighth of one percent; and
(4) molybdenum, one-eighth of one percent.
B. The tax imposed by this section shall be referred to as the "processors tax".
History:
1978 Comp., § 7-25-5, enacted by Laws 1985, (1st S.S.), ch. 3, §§ 1, 2; 1999, ch, 177, § 3; repealed and reenacted by Laws 1999, ch. 177, § 4.
ANNOTATIONS
1999 amendments.
— Laws 1999, ch. 177, § 3, for tax years beginning July 1, 1999 and ending July 1, 2002, reduced the three-quarters of one percent processors tax on copper to one-fourth of one percent.
See
Laws 1999, ch. 177, § 5 for the applicability of Laws 1999, ch. 177, §§ 1 and 3.
Laws 1999, ch. 177, § 4, applicable for the tax year beginning July 1, 2002, repealed and reenacted 7-25-5 NMSA 1978 to increase the processors tax on copper in Subsection A(1)from one-fourth of one percent to three-fourths 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.
84 C.J.S. Taxation § 95 et seq.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 25 - Resources Excise Tax › Section 7-25-6 - Rate and measure of tax; denomination as "service tax".

A. For the privilege of severing or processing in New Mexico natural resources that are owned by another person and are not otherwise taxed by Sections 7-25-4 and 7-25-5 NMSA 1978, there is imposed on the service charge of any person severing or processing natural resources that are owned by another person an excise tax at the same rate that would be imposed on an owner of natural resources for performing the same function.
B. The tax imposed by this section shall be referred to as the "service tax".
History:
1953 Comp., § 72-16A-25, enacted by Laws 1966, ch. 48, § 6; 1993, ch. 30, § 25.
ANNOTATIONS
The 1993 amendment,
effective June 18, 1993, substituted "Sections 7-25-4 and 7-25-5 NMSA 1978" for "Sections 4 and 5 of the Resources Excise Tax Act" in Subsection A.
Severance alone does not give rise to taxable event.
Yankee Atomic Elec. Co. v. N.M. & Ariz. Land Co
., 632 F.2d 855 (10th Cir. 1980).
Severance and sale, transportation or consumption triggers tax.
— Severance, coupled with the sale, transportation out of New Mexico, or consumption thereof triggers the imposition of the tax.
Yankee Atomic Elec. Co. v. N.M. & Ariz. Land Co
., 632 F.2d 855 (10th Cir. 1980).
Receipts from development work incidental to severing taxable under this section.
— The exemption from the gross receipts tax provided by Section 7-9-35 NMSA 1978 applies when severing was taking place as the development work was performed and none of taxpayer's work was preliminary to or preparatory for severing; receipts from development work, which includes construction, are exempted from the gross receipts tax and taxable under the service tax provided by this section when such construction work is incidental to the severing.
Patten v. Bureau of Revenue
, 86 N.M. 355, 524 P.2d 527 (Ct. App. 1974).
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).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
71 Am. Jur. 2d State and Local Taxation §§ 218, 614.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 25 - Resources Excise Tax › Section 7-25-7 - Exemption; resources tax.

Exempted from the resources tax is the taxable value of any natural resource that is processed in New Mexico and on whose taxable value the processors tax is paid.
History:
1953 Comp., § 72-16A-26, enacted by Laws 1966, ch. 48, § 7.
ANNOTATIONS
Effective dates.
— Laws 1966, ch. 48, § 14 made Laws 1966, ch. 48, § 7 effective July 1, 1967.
Cross references.
— For resources tax,
see
7-25-4 NMSA 1978.
For processors tax,
see
7-25-5 NMSA 1978.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 25 - Resources Excise Tax › Section 7-25-8 - Sales of natural resources subject to Gross Receipts and Compensating Tax Act.

In addition to being subject to the Resources Excise Tax Act, any person who sells nonfissionable natural resources other than for subsequent sale in the ordinary course of business or for use as an ingredient or component part of a manufactured product is also subject to the provisions of the Gross Receipts and Compensating Tax Act [Chapter 7, Article 9 NMSA 1978] on such sales.
History:
1953 Comp., § 72-16A-27, enacted by Laws 1966, ch. 48, § 8; 1984, ch. 2, § 8.
ANNOTATIONS
Cross references.
— For exception to exemption from gross receipts tax of persons liable for resources excise tax,
see
7-9-35 NMSA 1978.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 25 - Resources Excise Tax › Section 7-25-9 - Date payment due.

The taxes imposed by the Resources Excise Tax Act are to be paid on or before the twenty-fifth day of the month following the month in which the first of the following occurs: sale, transportation out of New Mexico or consumption.
History:
1953 Comp., § 72-16A-28, enacted by Laws 1966, ch. 48, § 9; 1970, ch. 43, § 1; 1977, ch. 235, § 1.
ANNOTATIONS
Cross references.
— For deposit of receipts in suspense fund,
see
7-1-6 NMSA 1978.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-1 - Short title.

Sections 7-26-1 through 7-26-8 NMSA 1978 may be cited as the "Severance Tax Act".
History:
Laws 1971, ch. 65, § 1; 1953 Comp., § 72-18-1; Laws 1977, ch. 102, § 3; 1985, ch. 65, § 23.
ANNOTATIONS
Cross references.
— For provisions governing administration and enforcement,
see
7-1-2 NMSA 1978.
For oil and gas severance tax,
see
7-29-1 to 7-29-23 NMSA 1978.
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, "Coal Taxation in the Western States: The Need for a Regional Tax Policy," see 16 Nat. Resources J. 415 (1976).
For comment, "Taxation of the Uranium Industry: An Economic Proposal," see 7 N.M.L. Rev. 69 (1976-77).
For comment, "Constitutional Limitations On State Severance Taxes," see 20 Nat. Resources J. 887 (1980).
For comment, "An Outline For Development of Cost-Based State Severance Taxes," see 20 Nat. Resources J. 913 (1980).
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).
For article, "State Policies and Practices in Coal Severance Taxation," see 27 Nat. Resources J. 591 (1987).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
71 Am. Jur. 2d State and Local Taxation § 614.
Tax on severance of natural resources from soil, 32 A.L.R. 827.
Severance tax as property tax or privilege tax, 103 A.L.R. 35.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-2 - Definitions.

As used in the Severance Tax Act:
A. "department" means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary;
B. "natural resource" means timber and any metalliferous or nonmetalliferous mineral product, combination or compound thereof but does not include oil, natural gas, liquid hydrocarbon, individually or any combination thereof, or carbon dioxide;
C. "severer" means any person engaging in the business of severing natural resources that the person owns or any person who is the owner of natural resources and has another person perform the severing of such natural resources;
D. "severing" means mining, quarrying, extracting, felling or producing any natural resources in New Mexico;
E. "owner", when used in connection with the severing of any of the natural resources covered by the Severance Tax Act under any lease or contract with the state or United States, includes any person having the right to sever those resources; and
F. "director" or "secretary" means the secretary of taxation and revenue.
History:
Laws 1937, ch. 103, § 2; C.S. 1929, § 97-4A-102; 1941 Comp., § 76-1302; Laws 1949, ch. 65, § 2; 1951, ch. 24, § 1; 1953 Comp., § 72-18-2; Laws 1957, ch. 79, § 1; 1959, ch. 52, § 27; 1961, ch. 98, § 2; 1970, ch. 8, § 2; 1974, ch. 61, § 1; 1977, ch. 102, § 4; 1985, ch. 65, § 24; 1986, ch. 20, § 92.
ANNOTATIONS
Law reviews.
— For comment, "Constitutional Limitations On State Severance Taxes," see 20 Nat. Resources J. 887 (1980).
For comment, "An Outline For Development of Cost-Based State Severance Taxes," see 20 Nat. Resources J. 913 (1980).
For article, "State Policies and Practices in Coal Severance Taxation," Nat. Resources J. 591 (1987).
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-3 - Imposition of tax; denomination as "severance tax".

For the privilege of severing natural resources, there is imposed on any severer of natural resources in New Mexico an excise tax on the taxable value or the quantity of natural resources severed and saved by or for him as determined under, and at the rates provided in the Severance Tax Act. The tax imposed by this section shall be known as the "severance tax".
History:
1953 Comp., § 72-18-3, enacted by Laws 1971, ch. 65, § 5; 1977, ch. 102, § 5.
ANNOTATIONS
Responsibility for payment attaches at time of sale.
— The legal incidence or the responsibility for the payment of the severance tax attaches at the time that a sale is made.
United Nuclear Corp. v. Revenue Div
., 1982-NMCA-067, 98 N.M. 296, 648 P.2d 335, cert. denied, 98 N.M. 336, 648 P.2d 794.
Responsibility for payment falls upon severer of resource.
— The legal incidence or the responsibility for the payment of the tax falls on the taxpayer who is the severer of the natural resource.
United Nuclear Corp. v. Revenue Div
., 1982-NMCA-067, 98 N.M. 296, 648 P.2d 335, cert. denied, 98 N.M. 336, 648 P.2d 794.
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, " 'New Mexican Nationalism' and the Evolution of Energy Policy in New Mexico," see 17 Nat. Resources J. 283 (1977).
For comment, "Constitutional Limitations On State Severance Taxes," see 20 Nat. Resources J. 887 (1980).
For comment, "An Outline For Development of Cost-Based State Severance Taxes," see 20 Nat. Resources J. 913 (1980).
Am. Jur. 2d, A.L.R. and C.J.S. references. —
71 Am. Jur. 2d State and Local Taxation § 614.
Tax on severance of natural resources from soil, 32 A.L.R. 827.
Severance tax as property tax or privilege tax, 103 A.L.R. 35.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-5 - Tax rates on severed natural resources except coal and uranium.

The severance tax is imposed at the following rates on the taxable value determined under Section 7-26-4 NMSA 1978 of the following natural resources:
A.
potash
2 1/2%
B.
copper
1/2%
C.
timber
1/8%
D.
pumice, gypsum, sand, gravel, clay, fluorspar and other nonmetallic minerals
1/8%
E.
lead, zinc, thorium, molybdenum, manganese, rare earth and other metals
1/8%
F.
gold and silver
1/5%
History:
1953 Comp., § 72-18-5, enacted by Laws 1977, ch. 102, § 7; 1984, ch. 84, § 2.
ANNOTATIONS
Repeals.
— Laws 1971, ch. 65, § 7, repealed former 72-18-5, 1953 Comp., relating to security to insure compliance with severance tax provisions.
Law reviews.
— For comment, "Constitutional Limitations On State Severance Taxes," see 20 Nat. Resources J. 887 (1980).
For comment, "An Outline for Development of Cost-Based State Severance Taxes," see 20 Nat. Resources J. 913 (1980).
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-6.1 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1985, ch. 65, § 46 repealed 7-26-6.1 NMSA 1978, as enacted by Laws 1980, ch. 62, § 9, relating to a credit for the payment of additional coal severance taxes, effective July 1, 1985.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-7 - Severance tax on uranium.

The severance tax on uranium is measured by the quantity of U3O8 contained in and recoverable from severed and saved uranium-bearing material whether that material is ore or solution, measured in a standard manner established by regulation of the director. The taxable event is the sale, transportation out of New Mexico or consumption of the uranium-bearing material, whichever first occurs. Upon each pound of severed and saved U3O8 contained in severed uranium-bearing material, there shall be collected from the severer a severance tax equal to three and one-half percent of taxable value.
History:
1953 Comp., § 72-18-7, enacted by Laws 1977, ch. 102, § 9; 1980, ch. 62, § 2; 1981, ch. 169, § 2; 1983, ch. 210, § 2; 1985, ch. 65, § 25.
ANNOTATIONS
Repeals.
— Laws 1971, ch. 65, § 7, repealed former 72-18-7, 1953 Comp., relating to deducting severance taxes from royalties, etc.
Cross references.
— For conservation tax on uranium,
see
7-30-1 to 7-30-27 NMSA 1978.
Severance alone does not give rise to taxable event.
Yankee Atomic Elec. Co. v. N.M. & Ariz. Land Co
., 632 F.2d 855 (10th Cir. 1980).
Severance coupled with sale, transportation or consumption triggers tax.
— Severance, coupled with the "sale, transportation out of New Mexico, or consumption" triggers the imposition of the tax.
Yankee Atomic Elec. Co. v. N.M. & Ariz. Land Co
., 632 F.2d 855 (10th Cir. 1980).
"Taxable value" includes all moneys received.
— The taxpayer must include in the taxable value all moneys received, including the amount of severance tax that it has billed its customers.
United Nuclear Corp. v. Revenue Div
., 1982-NMCA-067, 98 N.M. 296, 648 P.2d 335, cert. denied, 98 N.M. 336, 648 P.2d 794.
Taxable value of uranium-bearing material not affected by results of milling.
— Taxable value of severed uranium-bearing material should be determined on the basis of the U3O8 content of severed and saved raw ore when raw ore is sold; the U3O8 later lost in the milling process is not involved.
In re Ranchers-Tufco Limestone Project Joint Venture
, 1983-NMCA-126, 100 N.M. 632, 674 P.2d 522, cert. denied, 100 N.M. 505, 672 P.2d 1136.
Law reviews.
— For comment, "Taxation of the Uranium Industry: An Economic Proposal," see 7 N.M.L. Rev. 69 (1976-77).
For article, "Nonneutral Features of Energy Taxation," see 20 Nat. Resources J. 853 (1980).
For comment, "Constitutional Limitations On State Severance Taxes," see 20 Nat. Resources J. 887 (1980).
For comment, "An Outline For Development of Cost-Based State Severance Taxes," see 20 Nat. Resources J. 913 (1980).
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-7.1 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1985, ch. 65, § 46 repealed 7-26-7.1 NMSA 1978, as enacted by Laws 1980, ch. 62, § 10, relating to temporary credit for a uranium producer, effective July 1, 1985.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-8 - Date payment of tax due.

The severance tax is to be paid on or before the twenty-fifth day of the month following the month in which the taxable event occurs.
History:
1953 Comp., § 72-18-8, enacted by Laws 1977, ch. 102, § 10.
ANNOTATIONS
Repeals.
— Laws 1971, ch. 65, § 7, repealed former 72-18-8, 1953 Comp., relating to deduction of severance taxes by purchasers.
Cross references.
— For deposit of receipts from taxes in severance tax bonding fund,
see
7-27-2 NMSA 1978.
Law reviews.
— For comment, "Constitutional Limitations On State Severance Taxes," see 20 Nat. Resources J. 887 (1980).
For comment, "An Outline For Development of Cost-Based State Severance Taxes," see 20 Nat. Resources J. 913 (1980).
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-9 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1989, ch. 261, § 2 repealed 7-26-9 NMSA 1978, as enacted by Laws 1977, ch. 102, § 14, relating to severance tax surtax, effective July 1, 1989.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-10 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 70, § 23 repealed 7-26-10 NMSA 1978, as enacted by Laws 1977, ch. 102, § 1, relating to the purpose of the act, effective July 1, 1995. For provisions of former section,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 26 - Severance Tax › Section 7-26-11 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1995, ch. 70, § 23 repealed 7-26-11 NMSA 1978, as enacted by Laws 1980, ch. 62, § 12, relating to prohibition of double taxation, effective July 1, 1995. For provisions of former sections,
see
the 1994 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-1 - Short title.

Sections 7-27-1 through 7-27-27 NMSA 1978 may be cited as the "Severance Tax Bonding Act".
History:
1953 Comp., § 72-18-29, enacted by Laws 1961, ch. 5, § 2; 2000, ch. 97, § 1.
ANNOTATIONS
The 2000 amendment,
effective May 17, 2000, substituted "Sections 7-27-1 through 7-27-27 NMSA 1978" for "This act".
Law reviews.
— For article, "New Mexico's Effort at Rational Taxation of Hard-Minerals Extraction," see 10 Nat. Resources J. 415 (1970).
For article, "New Mexico Taxes: Taking Another Look," see 32 N.M.L. Rev. 351 (2002).
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-2 - Severance tax bonding fund created.

There is created the "severance tax bonding fund" into which shall be distributed, in accordance with the Tax Administration Act [Chapter 7, Article 1 NMSA 1978], the net receipts from taxes levied upon natural resource products severed and saved from the soil in accordance with the provisions of the Severance Tax Act [7-26-1 to 7-26-8 NMSA 1978] and the Oil and Gas Severance Tax Act [Chapter 7, Article 29 NMSA 1978] and into which shall be deposited such other money as the legislature may from time to time determine.
History:
1953 Comp., § 72-18-30, enacted by Laws 1961, ch. 5, § 3; 1973, ch. 294, § 1; 1985, ch. 65, § 26.
ANNOTATIONS
Cross references.
— For transfers from severance tax bonding fund to severance tax permanent fund,
see
7-27-8 NMSA 1978.
Reappropriation of unexpended severance tax bond proceeds.
— The legislature can reappropriate the balance of unexpended severance tax bond proceeds for purposes other than the purpose specified in the legislation originally authorizing the issuance and sale of the bonds, but only if the proceeds have not reverted to the severance tax bond fund and it is determined by bond counsel that the bondholders are not adversely affected by the reappropriation. 1991 Op. Att'y Gen. No. 91-01.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-3 - Severance tax permanent fund created.

There is created in the state treasury the "severance tax permanent fund".
History:
1953 Comp., § 72-18-30.1, enacted by Laws 1973, ch. 294, § 2; 1996, ch. 3, § 1.
ANNOTATIONS
The 1996 amendment,
effective upon certification by the secretary of state that the proposed amendments to art. 8, § 10 and art. 12, §§ 2, 4, and 7 of the New Mexico Constitution have passed, substituted "fund created" for "and income funds" in the section heading, substituted "is" for "are" preceding "created in", and deleted "and the 'severance tax income fund'" from the end of the section. Those constitutional amendments, proposed by S.J.R. No. 2 (Laws 1996), were adopted at the general election held November 5, 1996, by a vote of 307,442 for and 153,021 against.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-3.1 - Transfer of investment powers.

The functions, powers and duties vested by law relating to the investment or reinvestment of money and the purchase, sale or exchange of investments or securities of the severance tax permanent fund are transferred to the council. The state treasurer shall maintain custody of the severance tax permanent fund but shall at all times render the fund or any part of it available for investment in accordance with the provisions of Sections 7-27-1 through 7-27-48 NMSA 1978.
History:
1978 Comp., § 7-27-3.1, enacted by Laws 1983, ch. 306, § 5.
ANNOTATIONS
Effective dates.
— Laws 1983, ch. 306, § 14 made Laws 1983, ch. 306, § 5 effective July 1, 1983.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-3.2 - Definition.

As used in Sections 7-27-1 through 7-27-48 NMSA 1978, "council" means the state investment council.
History:
1978 Comp., § 7-27-3.2, enacted by Laws 1983, ch. 306, § 6.
ANNOTATIONS
Effective dates.
— Laws 1983, ch. 306, § 14 made Laws 1983, ch. 306, § 6 effective July 1, 1983.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-3.3 - Severance tax permanent fund; annual distributions.

The secretary of finance and administration shall make annual distributions from the severance tax permanent fund in the amount authorized by and calculated pursuant to the provisions of Article 8, Section 10 of the constitution of New Mexico. One-twelfth of the amount authorized to be distributed in a fiscal year shall be distributed each month to the general fund.
History:
Laws 1999, ch. 88, § 1.
ANNOTATIONS
Emergency clauses.
— Laws 1999, ch. 88, § 3 contained an emergency clause and was approved March 19, 1999.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-4 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1996, ch. 3, § 3, repealed 7-27-4 NMSA 1978, as enacted by Laws 1973, ch. 294, § 4, relating to disposition of income from the severance tax permanent fund, effective upon certification by the secretary of state that the proposed amendments to art. 8, § 10 and art. 12, §§ 2, 4, and 7 of the New Mexico Constitution have passed. Those constitutional amendments, proposed by S.J.R. No. 2 (Laws 1996), were adopted at the general election held November 5, 1996, by a vote of 307,442 for and 153,021 against. For provisions of former section,
see
the 1995 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.1 - Repealed.

History:
Laws 1983, ch. 306, § 8; 1987, ch. 306, § 1; 1988, ch. 132, § 1; 1988, ch. 133, § 1; 1989, ch. 98, § 3; 1990, ch. 91, § 2; 1992, ch. 101, § 1; 1994, ch. 121, § 1; 1996, ch. 31, § 3; 1997, ch. 45, § 1; 1998, ch. 19, § 2; 2001, ch. 252, § 7; 2004, ch. 14, § 1; repealed Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7 repealed 7-27-5.1 NMSA 1978, as enacted by Laws 1983, ch. 306, § 8, relating to market rate investments, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.2 - Repealed.

History:
Laws 1983, ch. 306, § 9; 1991, ch. 83, § 2; repealed by Laws 1993, ch. 267, § 5.
ANNOTATIONS
Repeals.
— Laws 1993, ch. 267, § 5 repealed 7-27-5.2 NMSA 1978, as enacted by Laws 1983, ch. 306, § 9, concerning investment of the severance tax permanent fund, effective July 1, 1993. For provisions of former section,
see
the 1992 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.5 - Educational loan notes.

The severance tax permanent fund may be invested in educational loan notes issued pursuant to the Educational Assistance Act [Chapter 21, Article 21A NMSA 1978]; provided that in no event shall the principal amount of such notes purchased in any twelve-month period exceed ten million dollars ($10,000,000), and in no event shall the total amount of such notes held by the severance tax permanent fund exceed ten percent of the book value of the severance tax permanent fund. If any educational loan note is sold by the severance tax permanent fund, the sale shall be without recourse to the fund or the state.
History:
1978 Comp., § 7-27-5.5, enacted by Laws 1983, ch. 306, § 12.
ANNOTATIONS
Effective dates.
— Laws 1983, ch. 306, § 14 made Laws 1983, ch. 306, § 12 effective July 1, 1983.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.6 - Repealed.

History:
Laws 1987, ch. 219, § 2; 1990, ch. 126, § 3; 1997, ch. 45, § 2; 2001, ch. 252, § 8; repealed Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7 repealed 7-27-5.6 NMSA 1978, as enacted by Laws 1987, ch. 219, § 2, relating to private equity investments, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.7 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1988, ch. 134, § 7F, repealed 7-27-5.7 NMSA 1978, as enacted by Laws 1988, ch. 134, § 7, relating to oil and gas production investments, effective July 1, 1991. For provisions of former section,
see
the 1990 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.8 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999, ch. 57, § 1 repealed 7-27-5.8 NMSA 1978, as enacted by Laws 1988, ch. 134, § 1, relating to finding and purpose, effective June 18, 1999. For provisions of former section,
see
the 1998 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.9 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999, ch. 57, § 1 repealed 7-27-5.9 NMSA 1978, as enacted by Laws 1988, ch. 134, § 2, relating to creation and purpose of oil and gas production assistance council, effective June 18, 1999. For provisions of former section,
see
the 1998 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.10 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999, ch. 57, § 1 repealed 7-27-5.10 NMSA 1978, as enacted by Laws 1988, ch. 134, § 3, relating to composition of oil and gas production assistance council, effective June 18, 1999. For provisions of former section,
see
the 1998 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.11 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999, ch. 57, § 1 repealed 7-27-5.11 NMSA 1978, as enacted by Laws 1988, ch. 134, § 4, relating to meetings and compensation of oil and gas production assistance council, effective June 18, 1999. For provisions of former section,
see
the 1998 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.12 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999, ch. 57, § 1 repealed 7-27-5.12 NMSA 1978, as enacted by Laws 1988, ch. 134, § 5, relating to powers and duties of oil and gas production assistance council, effective June 18, 1999. For provisions of former section,
see
the 1998 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.13 - Educational institution research and development facilities revenue bonds.

No more than ten percent of the book value of the severance tax permanent fund may be invested in educational institution revenue bonds described in this section.
A. The revenue bonds shall have been issued by one of the following educational institutions:
(1) the university of New Mexico;
(2) the New Mexico state university;
(3) the New Mexico highlands university;
(4) the western New Mexico university;
(5) the eastern New Mexico university; and
(6) the New Mexico institute of mining and technology.
B. The revenue bonds shall have been issued under the authority of Chapter 6, Article 17 NMSA 1978.
C. The revenue bonds shall have been issued to provide funds for the construction, furnishing and equipping of a research or development facility, including any infrastructure improvements necessary to the construction of the facility. The facility shall be one that will:
(1) provide space for operations of an already funded research or development project;
(2) be income-producing when completed and occupied; and
(3) provide both the local community in which it is located and the state generally with economic benefits including, but not limited to, employment for students of post-secondary educational institutions.
History:
1978 Comp., § 7-27-5.13, enacted by Laws 1989, ch. 265, § 3.
ANNOTATIONS
Emergency clauses.
— Laws 1989, ch. 265, § 4 contained an emergency clause and was approved April 5, 1989.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.14 - Findings and purpose.

The legislature finds that the health of the New Mexico economy is heavily dependent on the establishment and expansion of small businesses and that the lack of available private equity is an impediment to the start-up and growth of businesses in the state. The legislature further finds that the commercialization of technology conceived in the universities and the federal scientific and engineering laboratories and test facilities in the state is likely to occur elsewhere unless sources of local private equity are developed. The purpose of Section 7-27-5.15 NMSA 1978 is to provide a mechanism whereby the establishment of private equity funds, whose investment policies are supportive of the economic welfare of New Mexico, will be stimulated.
History:
1978 Comp., § 7-27-5.14, enacted by Laws 1990, ch. 126, § 4; 2001, ch. 252, § 9; 2016, ch. 48, § 1.
ANNOTATIONS
The 2016 amendment,
effective May 18, 2016, after "whereby the establishment of", deleted "locally managed".
The 2001 amendment,
effective June 15, 2001, substituted "private equity" for "venture capital" throughout the section; and substituted "Section 7-27-5.15 NMSA 1978" for "this act".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.16 - Repealed.

History:
Laws 1990, ch. 127, § 10; repealed by Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7, repealed 7-27-5.16 NMSA 1978, as enacted by Laws 1990, ch. 127, § 10, relating to ONGARD system revenue bonds, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on the
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.17 - Employers mutual company revenue bonds.

The severance tax permanent fund may be invested in revenue bonds issued by the employers mutual company under the authority of the Employers Mutual Company Act [52-9-1 to 52-9-24 NMSA 1978], provided that the amount invested shall not exceed ten million dollars ($10,000,000) and provided further that the bonds shall bear interest at a market rate not less than the existing rate of return for ten-year United States treasury bonds on the date of the bond sale.
History:
1978 Comp., § 7-27-5.17, enacted by Laws 1990 (2nd S.S.), ch. 3, § 2.
ANNOTATIONS
Effective dates.
— Laws 1990 (2nd S.S.), ch. 3, § 10 made Laws 1990 (2nd S.S.), ch. 3, § 2 effective January 1, 1991.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.18 - Purpose.

It is the purpose of this act to encourage economic development in New Mexico by linking deposit of the severance tax permanent fund in New Mexico financial institutions to an increase in loans to New Mexico businesses and investment in New Mexico government entities and to encourage financial institutions to make the type of loans that meet business needs not addressed by conventional loans and loans guaranteed by federal, state or local agencies.
History:
Laws 1993, ch. 267, § 1.
ANNOTATIONS
Effective dates.
— Laws 1993, ch. 267, § 6 made Laws 1993, ch. 267, § 1 effective July 1, 1993.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.20 - Deposits in New Mexico credit unions.

The severance tax permanent fund may be invested in deposits in New Mexico credit unions, provided each deposit is insured by an agency of the United States and the credit union offers interest on such deposits at least equal to that offered to its members for similar deposits. Such deposits may be invested for a term of maturity of eight years or less at an interest rate to be set by the council. Such deposits shall be made and administered by the council and state investment officer in accordance with the law governing deposits of public money, including, but not limited to, Sections 6-10-10, 6-10-16, 6-10-24.1 and 6-10-29 NMSA 1978. As used in this section, "deposit" includes share, share certificate and share draft.
History:
Laws 1993, ch. 267, § 3.
ANNOTATIONS
Effective dates.
— Laws 1993, ch. 267, § 6 made Laws 1993, ch. 267, § 3 effective July 1, 1993.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.21 - New Mexico lottery revenue bonds.

The severance tax permanent fund may be invested in revenue bonds issued by the New Mexico lottery authority pursuant to the provisions of the New Mexico Lottery Act [Chapter 6, Article 24 NMSA 1978]. The amount invested shall not exceed three million dollars ($3,000,000).
History:
Laws 1995, ch. 155, § 36.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 155, § 39 made Laws 1995, ch. 155, § 36 effective July 1, 1995.
Cross references.
— For authorization to issue revenue bonds,
see
6-24-26 NMSA 1978.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.22 - Severance tax permanent fund; investment in obligations issued under Section 33-1-19 NMSA 1978 for corrections facilities.

Subject to the approval of the state investment council, the severance tax permanent fund may be invested in bonds, certificates of participation or other obligations issued pursuant to Section 33-1-19 NMSA 1978 for corrections related facilities.
History:
1978 Comp., § 7-27-5.22, enacted by Laws 1995, ch. 215, § 2.
ANNOTATIONS
Effective dates.
— Laws 1995, ch. 215 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 1995, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.23 - Repealed.

History:
Laws 1997, ch. 45, § 3; 2001, ch. 252, § 11; repealed Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7 repealed 7-27-5.23 NMSA 1978, as enacted by Laws 1997, ch. 45, § 3, relating to short-term investments, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.24 - Severance tax permanent fund; investment in obligations issued for state capitol buildings and renovations.

Subject to the approval of the state investment council, the severance tax permanent fund may be invested in revenue bonds issued by the New Mexico finance authority for state capitol buildings and relocation-associated renovations in the state capitol. The amount invested shall not exceed ten million one hundred fifty-five thousand dollars ($10,155,000).
History:
1978 Comp., § 7-27-5.24, enacted by Laws 1997, ch. 178, § 3.
ANNOTATIONS
Effective dates.
— Laws 1997, ch. 178 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 20, 1997, 90 days after the adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-5.25 - Repealed.

History:
Laws 2000, ch. 5, § 4; repealed by Laws 2005, ch. 240, § 7.
ANNOTATIONS
Repeals.
— Laws 2005, ch. 240, § 7 repealed 7-27-5.25 NMSA 1978, as enacted by Laws 2000, ch. 5, § 4, relating to revenue bonds issued for parking facility, effective July 1, 2005. For provisions of former section,
see
the 2004 NMSA 1978 on
NMOneSource.com.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-6 - Severance tax bonding fund pledged.

A. The money in the severance tax bonding fund is first pledged for the payment of principal and interest on all severance tax bonds issued after the enactment of the Severance Tax Bonding Act.
B. The money in the severance tax bonding fund is second pledged, on a basis subordinate to any severance tax bonds then or thereafter outstanding, for the payment of principal and interest on all supplemental severance tax bonds issued after the enactment of the Severance Tax Bonding Act.
History:
1953 Comp., § 72-18-31, enacted by Laws 1961, ch. 5, § 4; 1999 (1st S.S.), ch. 6, § 1.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, deleted the former first sentence, relating to the first pledging of the severance tax bonding fund moneys, added the Subsection A designation, substituted "first" for "further" and made a minor stylistic change, and added Subsection B.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-7 - Special income to retire bonds.

When a law authorizing a severance tax bond issue or supplemental severance tax bond issue contemplates the income of money for the retirement of the bond issue other than or in addition to the money in the severance tax bonding fund, then the money derived from such income shall be paid to the state treasurer and be credited to the specific bond issue account and deposited in the severance tax bonding fund.
History:
1953 Comp., § 72-18-32, enacted by Laws 1961, ch. 5, § 5; 1999 (1st S.S.), ch. 6, § 2.
ANNOTATIONS
Cross references.
— For laws authorizing severance tax bond issues,
see
appendix to this article.
The 1999 amendment,
effective July 1, 1999, inserted "or supplemental severance tax bond issue" and substituted "state treasurer" for "state board of finance".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-8 - Transfer of money to severance tax permanent fund.

On each December 31 and each June 30 the state treasurer shall transfer to the severance tax permanent fund all money in the severance tax bonding fund except the amount necessary to meet all principal and interest payments on bonds payable from the severance tax bonding fund on the next two ensuing semiannual payment dates.
History:
1953 Comp., § 72-18-33, enacted by Laws 1961, ch. 5, § 6; 1973, ch. 294, § 3.