2019 New Mexico Statutes
Chapter 7 - Taxation
Article 1 - Administration
Section 7-1-6.61 - Distribution; tax stabilization reserve from the oil and gas emergency school tax.
A. A distribution pursuant to Section 7-1-6.20 NMSA 1978 shall be made to the tax stabilization reserve in an amount as calculated pursuant to Subsection B of this section.
B. If the year-to-date amount plus the current net receipts exceeds the annual average amount, the excess shall be distributed to the tax stabilization reserve. If there is not an excess amount, no distribution shall be made to the tax stabilization reserve. Each month the department shall make the calculation to determine if an excess amount should be distributed.
C. As used in this section:
(1) "annual average amount" means the total net receipts attributable to the tax imposed pursuant to Section 7-31-4 NMSA 1978 and distributed pursuant to Section 7-1-6.20 NMSA 1978 in the immediately preceding five fiscal years, divided by five; and
(2) "year-to-date amount" means the cumulative year-to-date net receipts attributable to the tax imposed pursuant to Section 7-31-4 NMSA 1978 and distributed to the general fund in the prior months of the current fiscal year.
History: Laws 2017 (1st S.S.), ch. 3, § 3.
ANNOTATIONSEffective dates. — Laws 2017 (1st S.S.), ch. 3, § 25 made Laws 2017 (1st S.S.), ch. 3, § 3 effective July 1, 2018.
