A. On the day prior to the day in which the special fuel excise tax rate is increased or decreased, each supplier, dealer and bulk storage user shall take inventory of the gallons of special fuel on hand.
B. Suppliers and bulk storage users shall report total gallons of special fuel in inventory on the day prior to the day in which an increase in the special fuel excise tax rate is effective and pay any special fuel inventory tax due.
History: Laws 1992, ch. 51, § 5; 2005, ch. 109, § 9.
The 2005 amendment, effective January 1, 2006, deleted Subsection C, which required dealers to maintain a record of total gallons of fuel in inventory prior the day on which an the special fuel excise tax rate changes and which prohibited dealers from changing the price of special fuel sold until the inventory was sold.
Structure New Mexico Statutes
Article 16A - Special Fuels Supplier Tax
Section 7-16A-1 - Short title.
Section 7-16A-2 - Definitions.
Section 7-16A-2.1 - When special fuel received or used; who is required to pay tax.
Section 7-16A-3 - Imposition and rate of tax; denomination as special fuel excise tax.
Section 7-16A-4 - Special fuel inventory tax; imposition of tax; date payment of tax due.
Section 7-16A-5 - Special fuel inventories.
Section 7-16A-5.1 - Manifest or bill of lading required when transporting special fuels.
Section 7-16A-6 - Special fuel inventory tax refund.
Section 7-16A-9 - Tax returns; payment of tax.
Section 7-16A-9.1 - Returns by retailers; requirements.
Section 7-16A-9.2 - Returns by wholesalers.
Section 7-16A-9.3 - Returns by rack operators; requirements.
Section 7-16A-9.4 - Reporting requirements; special fuel deduction; biodiesel.
Section 7-16A-10 - Deductions; special fuel excise tax; special fuel suppliers.
Section 7-16A-11 - Tax returns; payment of tax; special fuel users; exception.
Section 7-16A-12 - Credit; special fuel excise tax; special fuel users.
Section 7-16A-13.1 - Claim for refund of special fuel excise tax paid on special fuel.
Section 7-16A-15 - Bond required of supplier.
Section 7-16A-15.1 - Special fuel users; surety bond required; exceptions.
Section 7-16A-16 - Delivery and use of special fuel prohibited in certain cases.
Section 7-16A-19 - Special fuel user permits; violation.
Section 7-16A-19.1 - Border crossing special fuel user permit.
Section 7-16A-20 - Administration and enforcement of act.
Section 7-16A-20.1 - Special fuels; authority of secretary to terminate interstate agreements.
Section 7-16A-21 - Temporary provision; continuity of actions.