Any operator making a monetary payment to an interest owner for his portion of the value of products from a production unit shall withhold from such payment the amount of tax due from any interest owner.
Any purchaser, who, by express or implied agreement with the operator, makes a monetary payment to an interest owner for his portion of the value of products from a production unit, shall withhold from such payment the amount of tax due from the interest owner.
The commission may require any purchaser making a monetary payment to an interest owner for his portion of the value of products from a production unit to withhold from such payment the amount of tax due from the interest owner.
Any operator or purchaser who pays any tax due from an interest owner shall be entitled to reimbursement from the interest owner for the tax so paid, and may take credit for such amount from any monetary payment to the interest owner for the value of products.
History: 1953 Comp., § 72-22-9, enacted by Laws 1959, ch. 55, § 9.
Cross references. — For meaning of "commission", see 7-32-2A NMSA 1978.
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.