7-26-3. Imposition of tax; denomination as "severance tax".
83 words·~1 min read·
/nm/chapter-7-taxation/article-26-severance-tax/7-26-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.