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., § 72-22-7, enacted by Laws 1959, ch. 55, § 7; 1985, ch. 65, § 37.
Structure New Mexico Statutes
Article 32 - Oil and Gas Ad Valorem Production Tax
Section 7-32-5 - Assessed value; method of determining.
Section 7-32-6 - Value may be determined by commission; standard.
Section 7-32-8 - Products on which tax has been levied; regulation by commission.
Section 7-32-10 - Operator's report; tax remittance; additional information.
Section 7-32-11 - Purchaser's report; tax remittance; additional information.
Section 7-32-15 - Determination of assessed values for taxing districts.