To determine the taxable value 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: 1953 Comp., § 72-21-5, enacted by Laws 1959, ch. 54, § 5; 1963, ch. 179, § 25.
Structure 2021 New Mexico Statutes
Article 31 - Oil and Gas Emergency School Tax
Section 7-31-5 - Taxable value; method of determining.
Section 7-31-6 - Value may be determined by commission; standard.
Section 7-31-8 - Products on which tax has been levied; regulation by commission.
Section 7-31-10 - Operator's report; tax remittance; additional information.
Section 7-31-11 - Purchaser's report; tax remittance; additional information.
Section 7-31-26 - Advance payment required.
Section 7-31-27 - Jicarilla Apache tribal capital improvements tax credit.