When an increase in the value of any product is subject to the approval of any agency of the United States of America or the state of New Mexico, or any court, the increased value shall be subject to this tax. In the event the increase in value is disapproved, either in whole or in part, then the amount of tax which has been paid on the disapproved part of the value shall be considered excess tax. Any person who has paid any such excess tax may apply for a refund of that excess tax in accordance with the provisions of Section 7-1-26 NMSA 1978.
History: 1953 Comp., § 72-20-7, enacted by Laws 1959, ch. 53, § 7; 1985, ch. 65, § 33.
Structure New Mexico Statutes
Article 30 - Oil and Gas Conservation Tax
Section 7-30-5 - Taxable value; method of determining.
Section 7-30-6 - Value may be determined by department; standard.
Section 7-30-8 - Products on which tax has been levied; regulation by department.
Section 7-30-10 - Operator's report; tax remittance; additional information.
Section 7-30-11 - Purchaser's report; tax remittance; additional information.