7-1-6.21. Distribution to oil and gas reclamation fund.
174 words·~1 min read·
/nm/chapter-7-taxation/article-1-administration/7-1-6-21·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. With respect to any period for which the rate of the tax imposed by Section 7-30- 4 NMSA 1978 is nineteen-hundredths percent, a distribution pursuant to Section 7-1- 6.20 NMSA 1978 shall be made to the oil and gas reclamation fund in an amount equal to two-nineteenths of the net receipts attributable to the tax imposed under the Oil and Gas Conservation Tax Act [Chapter 7, Article 30 NMSA 1978].
B. With respect to any period for which the total rate of the tax imposed on oil by Section 7-30-4 NMSA 1978 is twenty-four hundredths percent, a distribution pursuant to Section 7-1-6.20 NMSA 1978 shall be made to the oil and gas reclamation fund in an amount equal to nineteen and seven-tenths percent of the net receipts attributable to the tax imposed under the Oil and Gas Conservation Tax Act.
History: 1978 Comp., § 7-1-6.21, enacted by Laws 1985, ch. 65, § 7; 1989, ch. 130, § 1; 1991, ch. 9, § 16; 2003, ch. 433, § 1; 2010, ch. 98, § 1.