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.
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 — Laws 1971, ch. 65, § 7, repealed former 72-18-5, 1953 Comp., relating to security to insure compliance with severance tax provisions.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).
Structure 2021 New Mexico Statutes
Section 7-26-3 - Imposition of tax; denomination as "severance tax".
Section 7-26-4 - Determination of taxable value of natural resources.
Section 7-26-5 - Tax rates on severed natural resources except coal and uranium.
Section 7-26-6 - Severance tax on coal; surtax.
Section 7-26-6.2 - Coal surtax exemption; qualification requirements.
Section 7-26-7 - Severance tax on uranium.