reglab/statecodes huggingface dataset:
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-9 - Bonds to be known as severance tax bonds and supplemental severance tax bonds.

A. Prior to July 1, 1999, all bonds issued wherein the money in the severance tax bonding fund is pledged for their retirement shall be known as "New Mexico severance tax bonds".
B. After July 1, 1999, there shall be two categories of bonds issued by the state board of finance wherein the money in the severance tax bonding fund is pledged for their retirement. Those bonds shall be known as "New Mexico severance tax bonds" and as "New Mexico supplemental severance tax bonds".
History:
1953 Comp., § 72-18-34, enacted by Laws 1961, ch. 5, § 7; 1999 (1st S.S.), ch. 6, § 3.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, added "and supplemental severance tax bonds" to the catchline; added the Subsection A designation, added "Prior to July 1, 1999" to the beginning, and made a stylistic change; and added Subsection B.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-10 - State board of finance shall issue bonds.

A. The state board of finance is authorized to issue and sell severance tax bonds within the provisions of the Severance Tax Bonding Act, and no other agency of the state is authorized to issue or sell severance tax bonds.
B. The state board of finance may issue and sell supplemental severance tax bonds within the provisions of the Severance Tax Bonding Act, and no other agency of the state is authorized to issue or sell supplemental severance tax bonds. As a temporary measure for fiscal year 2023, the state board of finance shall not issue and sell more than six hundred eighty-two million two hundred thousand dollars ($682,200,000) of supplemental severance tax bonds or notes.
History:
1953 Comp., § 72-18-35, enacted by Laws 1961, ch. 5, § 8; 1999 (1st S.S.), ch. 6, § 4; 2019, ch. 273, § 1; 2023, ch. 124, § 1.
ANNOTATIONS
The 2023 amendment,
effective June 16, 2023, limited the amount of supplemental severance tax bonds or notes issued in 2023; and in Subsection B, after "fiscal year", changed "2019" to "2023", and after "sell more than", deleted "one hundred eighty-one million eight hundred thousand dollars ($181,800,000)" and added "six hundred eighty-two million two hundred thousand dollars ($682,200,000)".
The 2019 amendment,
effective June 14, 2019, provided that for fiscal year 2019, the state board of finance shall not issue and sell more than one hundred eighty-one million eight hundred thousand dollars of supplemental severance tax bonds or notes; and in Subsection B, added "As a temporary measure for fiscal year 2019, the state board of finance shall not issue and sell more than one hundred eighty-one million eight hundred thousand dollars ($181,800,000) of supplemental severance tax bonds or notes".
The 1999 amendment,
effective July 1, 1999, added the Subsection A designation, added Subsection B, and made a minor stylistic change.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-10.2 - Transfer to severance tax permanent fund before determining bonding capacity.

On December 31 of each year from 2023 through 2033, the board of finance division of the department of finance and administration shall transfer ninety-two million dollars ($92,000,000) from the severance tax bonding fund to the severance tax permanent fund, unless the state board of finance determines that a lesser transfer amount is necessary pursuant to Section 7-27-8 NMSA 1978 to avoid a potential shortfall in debt service obligations.
History:
1978 Comp., § 7-27-10.2, enacted by Laws 2023, ch. 124, § 2.
ANNOTATIONS
Effective dates.
— Laws 2023, ch. 124 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective June 16, 2023, 90 days after adjournment of the legislature.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-11 - Authority to refund bonds.

A. The state board of finance may issue and sell at public or private sale severance tax bonds to refund outstanding severance tax bonds by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of outstanding bonds, or any combination thereof when, in its opinion, such action will be beneficial to the state.
B. The state board of finance may issue and sell at public or private sale supplemental severance tax bonds to refund outstanding supplemental severance tax bonds by exchange, immediate or prospective redemption, cancellation or escrow, including the escrow of debt service funds accumulated for payment of outstanding supplemental severance tax bonds, or any combination thereof when, in its opinion, such action will be beneficial to the state.
History:
1953 Comp., § 72-18-36, enacted by Laws 1961, ch. 5, § 9; 1985 (1st S.S.), ch. 15, § 13; 1999 (1st S.S.), ch. 6, § 5.
ANNOTATIONS
Cross references.
— For the state board of finance,
see
6-1-1 NMSA 1978.
The 1999 amendment,
effective July 1, 1999, deleted "and other bonds payable from the severance tax bonding fund" preceding "by exchange" near the middle of Subsection A; deleted former Subsections B and C, relating to use of the level savings method of advance refunding and prohibiting issuance of certain bonds to refund outstanding severance tax bonds; and added present Subsection B.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-11.1 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1999 (1st S.S.), ch. 6, § 20 repealed 7-27-11.1 NMSA 1978, as enacted by Laws 1985 (1st S.S.), ch. 15, § 15, relating to declaration of legislative intent in enacting 7-27-11 NMSA 1978, effective July 1, 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 7-27-12.1 - Severance tax bonds; purpose for which issued; appropriation of proceeds.

The state board of finance may issue and sell severance tax bonds in fiscal years 2001 through 2010 in compliance with the Severance Tax Bonding Act in an amount not exceeding a total of twenty million dollars ($20,000,000) when the local government division of the department of finance and administration certifies the need for the issuance of the bonds; provided that no more than four million dollars ($4,000,000) may be issued in fiscal year 2001 and no more than two million dollars ($2,000,000) may be issued in any one fiscal year thereafter. The state board of finance shall schedule the issuance and sale of the bonds in the most expeditious and economical manner possible upon a finding by the board that the project has been developed sufficiently to justify the issuance and that the project can proceed to contract within a reasonable time. The state board of finance shall further take the appropriate steps necessary to comply with the Internal Revenue Code of 1986, as amended. The proceeds from the sale of the bonds are appropriated to the local government division of the department of finance and administration for the purpose of financing water and sewer distribution and collection systems in the developed and underserved areas of Bernalillo county, including areas in the city of Albuquerque. The certification and issuance of bonds for any fiscal year is contingent upon the secretary of finance and administration receiving certification from the governing body of the city of Albuquerque and the board of county commissioners of Bernalillo county that funding in an amount equal to one and one-half times the amount of bonds issued pursuant to this section, including the amount of bonds proposed to be issued for that fiscal year, has been secured from federal, city and county sources to construct the water and sewer distribution and collection systems. Any funding from federal, city and county sources in excess of the amount required for certification in any fiscal year may be carried forward and credited against the amount required in subsequent fiscal years. Any unexpended or unencumbered balance remaining at the end of fiscal year 2012 shall revert to the severance tax bonding fund. If the local government division of the department of finance and administration has not certified the need for the issuance of the bonds by the end of fiscal year 2010, the authorization provided in this section shall expire.
History:
Laws 1999 (1st S.S.), ch. 5, § 1; 2000 (2nd S.S.), ch. 18, § 1; 2002, ch. 66, § 1.
ANNOTATIONS
Cross references.
— For the Internal Revenue Code of 1986,
see
26 U.S.C. § 1 et seq.
The 2002 amendment,
effective May 15, 2002, substituted "one and one-half" for "four and one-half" in the fifth sentence.
The 2000 amendment,
effective April 12, 2000, inserted "four million dollars ($4,000,000) may be issued in fiscal year 2001 and no more than" preceding "two million dollars" and inserted the fifth sentence.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-12.3 - Administration of certain bond proceeds appropriated to the public school capital outlay fund.

Proceeds of severance tax bonds and supplemental severance tax bonds previously or hereafter issued by the state board of finance that are appropriated to the public school capital outlay fund for the purpose of carrying out the provisions of the Public School Capital Outlay Act [Chapter 22, Article 24 NMSA 1978] shall, except to the extent that the proceeds are derived from any bonds the interest on which is excluded from federal income tax, be transferred by the state board of finance immediately upon receipt to the public school capital outlay fund. All money so transferred shall be administered for disbursement purposes by the public school capital outlay council consistent with the requirements of the Public School Capital Outlay Act.
History:
Laws 2005, ch. 274, § 1.
ANNOTATIONS
Effective dates.
— Laws 2005, ch. 274, § 20 made Laws 2005, ch. 274, § 1 effective April 6, 2005.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-15 - Majority approval necessary for board action.

Any action taken hereunder by the state board of finance must be approved by a majority of its members.
History:
1953 Comp., § 72-18-39, enacted by Laws 1961, ch. 5, § 12.
ANNOTATIONS
Emergency clauses.
— Laws 1961, ch. 5, § 28 contained an emergency clause and was approved February 17, 1961.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-16 - Form of bonds.

A. The state board of finance, except as otherwise specifically provided in the Severance Tax Bonding Act, shall determine at its discretion the terms, covenants and conditions of severance tax bonds and supplemental severance tax bonds, including but not limited to: date of issue, denominations, maturities, rate or rates of interest, call features, call premiums, registration, refundability and other covenants covering the general and technical aspects of the issuance of the bonds.
B. The bonds shall be in such form as the state board of finance may determine, and successive issues shall be identified by alphabetical, numerical or other proper series designation.
History:
1953, Comp., § 72-18-40, enacted by Laws 1961, ch. 5, § 13; 1983, ch. 265, § 31; 1999 (1st S.S.), ch. 6, § 8.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, added the subsection designations and inserted "and supplemental severance tax bonds" near the middle of Subsection A.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-17 - Execution of bonds.

Severance tax bonds and supplemental severance tax bonds shall be signed and attested by the state treasurer and shall be executed with the facsimile signature of the governor and the facsimile seal of the state, except for bonds issued in book entry or similar form without the delivery of physical securities. Any interest coupons attached to the bonds shall bear the facsimile signature of the state treasurer, which officer, by the execution of the bonds, shall adopt as his own signature the facsimile thereof appearing on the coupons. Except for bonds issued in book entry or similar form without the delivery of physical securities, the Uniform Facsimile Signature of Public Officials Act [6-9-1 to 6-9-6 NMSA 1978] shall apply, and the state board of finance shall determine the manual signature to be affixed on the bonds.
History:
1953 Comp., § 72-18-41, enacted by Laws 1961, ch. 5, § 14; 1961, ch. 79, § 1; 1969, ch. 63, § 1; 1983, ch. 265, § 32; 1984, ch. 4, § 3; 1999 (1st S.S.), ch. 6, § 9.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, inserted "and supplemental severance tax bonds" near the beginning of the first sentence.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-19 - Severance tax bonds and supplemental severance tax bonds legal investments.

Severance tax bonds and supplemental severance tax 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:
1953 Comp., § 72-18-43, enacted by Laws 1961, ch. 5, § 16; 1999 (1st S.S.), ch. 6, § 11.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, inserted "and supplemental severance tax bonds" in the catchline and near the beginning of the section.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-20 - Expenses paid from severance tax bonding fund.

The expense incurred in the issuance of severance tax bonds and supplemental severance tax bonds shall be paid from the severance tax bonding fund.
History:
1953 Comp., § 72-18-44, enacted by Laws 1961, ch. 5, § 17; 1999 (1st S.S.), ch. 6, § 12.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, inserted "and supplemental severance tax bonds".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-21 - Treasurer to make bond payments and keep records.

Severance tax bonds and supplemental severance tax bonds payable from the severance tax bonding fund shall be paid by the state treasurer who shall keep a complete bond register showing severance tax bonds and supplemental severance tax bonds, coupons paid and outstanding on the bonds and such other records as the state board of finance shall require.
History:
1953 Comp., § 72-18-45, enacted by Laws 1961, ch. 5, § 18; 1999 (1st S.S.), ch. 6, § 13.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, inserted "severance tax" and "and supplemental severance tax bonds", each in two places, and inserted "on the bonds" near the end.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-22 - Severance tax bonding act to be full authority for issuance of bonds.

The Severance Tax Bonding Act shall, without reference to any other act of the legislature, be full authority for the issuance and sale of severance tax bonds and supplemental severance tax bonds, which bonds and the coupons attached thereto shall have all the qualities of investment securities under the Uniform Commercial Code [Chapter 55 NMSA 1978] and shall not be invalid for any irregularity or defect or be contestable in the hands of bona fide purchasers or holders thereof for value.
History:
1953 Comp., § 72-18-46, enacted by Laws 1961, ch. 5, § 19; 1961, ch. 79, § 2; 1984, ch. 4, § 4; 1999 (1st S.S.), ch. 6, § 14.
ANNOTATIONS
Cross references.
— For investment securities under the Uniform Commercial Code,
see
55-8-1 NMSA 1978 et seq.
The 1999 amendment,
effective July 1, 1999, inserted "and supplemental severance tax bonds" near the middle.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-23 - Suit may be brought to compel performance of officers.

Any holder of severance tax bonds or supplemental severance tax 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 Bonding Act.
History:
1953 Comp., § 72-18-47, enacted by Laws 1961, ch. 5, § 20; 1999 (1st S.S.), ch. 6, § 15.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, inserted "or supplemental severance tax bonds" and made a minor stylistic change.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-24 - Bonds tax free.

All severance tax bonds and supplemental severance tax bonds shall be exempt from taxation by the state or any of its political subdivisions.
History:
1953 Comp., § 72-18-48, enacted by Laws 1961, ch. 5, § 21; 1999 (1st S.S.), ch. 6, § 16.
ANNOTATIONS
The 1999 amendment,
effective July 1, 1999, inserted "and supplemental severance tax bonds".
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-25 - No impairment of obligation of contract.

Nothing in this Severance Tax Bonding Act shall be construed as impairing or authorizing the impairment of the contract between the state and the holders of the outstanding Building and Institution Severance Tax Bonds, Series July 1, 1955.
History:
1953 Comp., § 72-18-49, enacted by Laws 1961, ch. 5, § 25.
ANNOTATIONS
Emergency clauses.
— Laws 1961, ch. 5, § 28 contained an emergency clause and was approved February 17, 1961.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-26 - Severance tax bonding fund continued.

The severance tax bonding fund created by Laws 1959, Chapter 323 is hereby continued as the severance tax bonding fund created by and referred to in the Severance Tax Bonding Act.
History:
1953 Comp., § 72-18-50, enacted by Laws 1961, ch. 5, § 26; 1986, ch. 20, § 95.
ANNOTATIONS
Compiler's notes.
— Laws 1959, ch. 323, §§ 1, 2 and 5 to 21, were repealed by Laws 1961, ch. 5, § 1. Laws 1959, ch. 323, § 3, was repealed by Laws 1971, ch. 65, § 7. Laws 1959, ch. 323, § 4, was repealed by Laws 1985, ch. 65, § 46.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-27 - Purpose and intent.

The purpose of the Severance Tax Bonding Act is to establish the authority who shall issue and sell all severance tax bonds for financing specific projects authorized by the legislature and all supplemental severance tax bonds pursuant to Section 7-27-12.2 NMSA 1978 and to guarantee redemption of such bonds by revenue derived from the receipts from taxes levied upon natural resource products severed and saved from the soil and such other money as the legislature may from time to time determine. It is intended that projects to be financed from the fund shall include the construction of public school buildings, other buildings for state institutions and water resource projects; and it is further intended that the income from water resource projects in excess of the amount required for operation and maintenance of the project shall be used to repay the severance tax bonding fund.
History:
1953 Comp., § 72-18-51, enacted by Laws 1961, ch. 5, § 27; 1986, ch. 20, § 96; 1999 (1st S.S.), ch. 6, § 17; 2001, ch. 338, § 3.
ANNOTATIONS
The 2001 amendment,
effective April 5, 2001, deleted "and supplemental severance tax bonds" preceding "for financing specific projects authorized by the legislature" and inserted, following that same language, "and all supplemental severance tax bonds pursuant to Section 7-27-12.2 NMSA 1978"; deleted "but not limited to" following "shall include"; and inserted "public school buildings, other" preceding "buildings for state institutions".
The 1999 amendment,
effective July 1, 1999, inserted "and supplemental severance tax bonds" in the first sentence.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-28 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1986, ch. 20, § 136C repealed 7-27-28 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 1, relating to the short title of the Severance Tax Income Bonding Act, effective May 21, 1986.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-29 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1986, ch. 20, § 136C repealed 7-27-29 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 2, relating to the purpose of the Severance Tax Income Bonding Act, effective May 21, 1986.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-30 - Repealed.

ANNOTATIONS
Repeals.
— Laws 1986, ch. 20, § 136C repealed 7-27-30 NMSA 1978, as enacted by Laws 1981 (1st S.S.), ch. 9, § 3, relating to a transition provision of the Severance Tax Income Bonding Act, effective May 21, 1986.
2023 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.
ANNOTATIONS
Effective dates.
— Laws 1981 (1st S.S.), ch 9. § 23 made Laws 1981 (1st S.S.), ch. 9, § 4 effective July 1, 1981.
2023 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.
ANNOTATIONS
Compiler'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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-33 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-34 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-35 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-36 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-37 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-38 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-39 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-40 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-41 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 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.
2023 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.
2023 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-45 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
Compiler'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.
2023 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.
ANNOTATIONS
Compiler'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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 27 - Severance Tax Bonding Act › Section 7-27-49 - Authorization for severance tax bonds; New Mexico mortgage finance authority; New Mexico housing trust fund.

A. After the annual estimate of severance tax bonding capacity is made pursuant to Subsection B of Section 7-27-10.1 NMSA 1978, the board of finance division of the department of finance and administration shall allocate two and one-half percent of the estimated bonding capacity for the New Mexico housing trust fund for the purposes of carrying out the provisions of the New Mexico Housing Trust Fund Act [58-18C-1 to 58-18C-9 NMSA 1978].
B. The legislature authorizes the state board of finance to issue severance tax bonds in the amount allocated pursuant to this section for use by the New Mexico mortgage finance authority to fund the New Mexico housing trust fund for the purposes of carrying out the provisions of the New Mexico Housing Trust Fund Act. The New Mexico mortgage finance authority shall certify to the state board of finance the need for issuance of bonds. The state board of finance may issue and sell the bonds in the same manner as other severance tax bonds in an amount not to exceed the authorized amount provided for in this section. If necessary, the state board of finance shall take the appropriate steps to comply with the federal Internal Revenue Code of 1986, as that code may be amended or renumbered. Proceeds from the sale of the bonds are appropriated to the New Mexico housing trust fund for the purposes certified by the New Mexico mortgage finance authority to the state board of finance.
C. Money from the severance tax bonds provided for in this section shall not be used to pay indirect project costs. Any unexpended balance from proceeds of severance tax bonds issued for projects pursuant to the New Mexico Housing Trust Fund Act shall revert to the severance tax bonding fund within one year of completion of the project. Any unencumbered balance from the proceeds of severance tax bonds issued pursuant to this section after three years from the issuance of those bonds shall revert to the severance tax bonding fund. The New Mexico mortgage finance authority shall monitor and ensure proper reversions of the bond proceeds appropriated for the projects.
History:
Laws 2022, ch. 38, § 1.
ANNOTATIONS
Cross references.
— For the federal Internal Revenue Code of 1986,
see
26 U.S.C. § 1.
Effective dates.
— Laws 2022, ch. 38 contained no effective date provision, but, pursuant to N.M. Const., art. IV, § 23, was effective May 18, 2022, 90 days after adjournment of the legislature.
Applicability.
— Laws 2023, ch. 9, § 1 provided that the allocation of severance tax bonding capacity and the authorization of severance tax bonds for the New Mexico housing trust fund pursuant to 7-27-49 NMSA 1978 shall commence with the severance tax bonding capacity estimated in January 2023.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 28 - Oil and Gas Accounting (Repealed.) › Section 7-28-1 to 7-28-13 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 29 - Oil and Gas Severance Tax › Section 7-29-3 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
The 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.
2023 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.
ANNOTATIONS
Cross 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.
2023 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.
ANNOTATIONS
Federal 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 29 - Oil and Gas Severance Tax › Section 7-29-4.4 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 29 - Oil and Gas Severance Tax › Section 7-29-4.5 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 29 - Oil and Gas Severance Tax › Section 7-29-4.6 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 29 - Oil and Gas Severance Tax › Section 7-29-4.7 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 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.
ANNOTATIONS
Compiler's notes.
— For the meaning of "commission",
see
7-29-2A NMSA 1978.
2023 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.
ANNOTATIONS
Compiler'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).
2023 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.
2023 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.
ANNOTATIONS
Cross references.
— For the meaning of "division",
see
7-29-2A NMSA 1978.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 29 - Oil and Gas Severance Tax › Section 7-29-9 to 7-29-22 - Repealed.

ANNOTATIONS
Repeals.
— 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.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 29 - Oil and Gas Severance Tax › Section 7-29-23 - Advance payment required.

A. Any person required to make payment of tax pursuant to Section 7-29-7 or 7-29-8 NMSA 1978 shall make the advance payment required by this section.
B. For the purposes of this section:
(1) "advance payment" means the payment required to be made by this section in addition to any oil and gas severance tax, penalty or interest due; and
(2) "average tax" means the aggregate amount of tax, net of any refunds or credits, paid by a person during the twelve-month period ending March 31 pursuant to the Oil and Gas Severance Tax Act divided by the number of months during that period for which the person made payment.
C. Each year, prior to July 1, each person required to pay tax pursuant to the Oil and Gas Severance Tax Act shall compute the average tax for the period ending March 31 of that year. The average tax calculated for a year shall be used during the twelve-month period beginning with July of that year and ending with June of the following year as the basis for making the advance payments required by Subsection D of this section.
D. Every month, beginning with July 1991, every person required to pay tax in a month pursuant to the Oil and Gas Severance Tax Act shall pay, in addition to any amount of tax, interest or penalty due, an advance payment in an amount equal to the applicable average tax, except:
(1) if the person is making a final return under the Oil and Gas Severance Tax Act, no advance payment pursuant to this subsection is due for that return; and
(2) as provided in Subsection F of this section.
E. Every month, beginning with tax payments due in August 1991, every person required to pay tax pursuant to the Oil and Gas Severance Tax Act may claim a credit equal to the amount of advance payment made in the previous month, except as provided in Subsection F of this section.
F. If, in any month, a person is not required to pay tax pursuant to the Oil and Gas Severance Tax Act, that person is not required to pay the advance payment and may not claim a credit pursuant to Subsection E of this section provided that, in any succeeding month when the person has liability under the Oil and Gas Severance Tax Act, the person may claim a credit for any advance payment made and not credited.
G. In the event that the date by which a person is required to pay the tax pursuant to the Oil and Gas Severance Tax Act is accelerated to a date earlier than the twenty-fifth day of the second month following the month of production, the advance payment provision contained in this section is null and void and any money held as advance payments shall be credited to the taxpayers' accounts.
History:
Laws 1991, ch. 9, § 36.
2023 New Mexico Statutes › Chapter 7 - Taxation › Article 29A - Enhanced Oil Recovery › Section 7-29A-1 - Short title.

Chapter 7, Article 29A NMSA 1978 may be cited as the "Enhanced Oil Recovery Act".
History:
Laws 1992, ch. 38, § 1; 1993, ch. 30, § 26.
ANNOTATIONS
The 1993 amendment,
effective June 18, 1993, substituted "Chapter 7, Article 29A NMSA 1978" for "Sections 1 through 5 of this act".