Personal property which is moving in interstate commerce through or over the state of New Mexico, or which was consigned to a warehouse, public or private, or factory within New Mexico from outside the state for storage in transit to a final destination outside the state of New Mexico, manufacturing, processing or fabricating while in transit to a final destination, whether specified when transportation begins or afterwards, which destination is also outside the state, shall be deemed not to have acquired a situs in New Mexico for purposes of taxation and shall be exempt from taxation. Such property shall not be deprived of such exemption because while in the warehouse the property is assembled, bound, joined, processed, disassembled, divided, cut, broken in bulk, relabeled or repackaged. (As added November 6, 1973.)

ANNOTATIONS

The 1973 amendment, which was proposed by H.J.R. No. 39 (Laws 1973) and adopted at a special election held on November 6, 1973, with a vote of 27,474 for and 13,899 against, added a new Section 8 to Article VIII.

Compiler's notes. — Sections 8 to 13 of the original constitution were deleted when the amendment proposed by J.R. No. 10 (Laws 1913) was adopted at the general election November 3, 1914, by a vote of 18,468 for and 13,593 against. The amendment amended Article VIII in its entirety and contained only seven sections. The contents of former Sections 10 to 13 of this article were inserted in present Sections 4 to 7 of this article, respectively. Former Sections 8 and 9, which were deleted, read as follows:

"Section 8. The power to license and tax corporations and corporate property shall not be relinquished or suspended by the state or any subdivision thereof; provided, that the legislature may, by general law, exempt new railroads from taxation for not more than six years, from and after the completion of any such railroad and branches; such railroad being deemed to be completed for the purpose of taxation as to any operative division thereof, when the same is opened for business to the public; and new sugar factories, smelters, reduction and refining works, and pumping plants for irrigation purposes, and irrigation works, for not more than six years from and after their establishment."

"Sec. 9. All property within the territorial limits of the authority levying the tax, and subject to taxation, shall be taxed therein for state, county, municipal and other purposes; provided, that the state board of equalization shall determine the value of all property of railroad, express, sleeping-car, telegraph, telephone and other transportation or transmission companies, used by such companies in the operation of their railroad, express, sleeping-car, telegraph or telephone lines, or other transportation or transmission lines, and shall certify the value thereof as so determined to the county and municipal taxing authorities."

For decisions relating to former Sections 10 to 13 of this article, see notes to Sections 4 to 7 of this article.