Exempted from the resources tax is the taxable value of any natural resource that is processed in New Mexico and on whose taxable value the processors tax is paid.
History: 1953 Comp., § 72-16A-26, enacted by Laws 1966, ch. 48, § 7.
Effective dates. — Laws 1966, ch. 48, § 14 made Laws 1966, ch. 48, § 7 effective July 1, 1967.
Cross references. — For resources tax, see 7-25-4 NMSA 1978.
For processors tax, see 7-25-5 NMSA 1978.
Structure New Mexico Statutes
Article 25 - Resources Excise Tax
Section 7-25-4 - Rate and measure of tax; denomination as "resources tax".
Section 7-25-5 - Rate and measure of tax; denomination as "processors tax".
Section 7-25-6 - Rate and measure of tax; denomination as "service tax".
Section 7-25-7 - Exemption; resources tax.
Section 7-25-8 - Sales of natural resources subject to Gross Receipts and Compensating Tax Act.