The severance tax is imposed at the following rates on the taxable value determined under Section 7-26-4 NMSA 1978 of the following natural resources:

A. potash 2 1/2% B. copper 1/2% C. timber 1/8% D. pumice, gypsum, sand, gravel, clay, fluorspar and other nonmetallic minerals 1/8% E. lead, zinc, thorium, molybdenum, manganese, rare earth and other metals 1/8% F. gold and silver 1/5%

1. A.
2. potash
3. 2 1/2%
4. B.
5. copper
6. 1/2%
7. C.
8. timber
9. 1/8%
10. D.
11. pumice, gypsum, sand, gravel, clay, fluorspar and other nonmetallic minerals
12. 1/8%
13. E.
14. lead, zinc, thorium, molybdenum, manganese, rare earth and other metals
15. 1/8%
16. F.
17. gold and silver
18. 1/5%

History: 1953 Comp., § 72-18-5, enacted by Laws 1977, ch. 102, § 7; 1984, ch. 84, § 2.

ANNOTATIONS

Repeals. — Laws 1971, ch. 65, § 7, repealed former 72-18-5, 1953 Comp., relating to security to insure compliance with severance tax provisions.

Law reviews. — For comment, "Constitutional Limitations On State Severance Taxes," see 20 Nat. Resources J. 887 (1980).

For comment, "An Outline for Development of Cost-Based State Severance Taxes," see 20 Nat. Resources J. 913 (1980).