2019 New Mexico Statutes
Chapter 7 - Taxation
Article 16A - Special Fuels Supplier Tax
Section 7-16A-5 - Special fuel inventories.
A. On the day prior to the day in which the special fuel excise tax rate is increased or decreased, each supplier, dealer and bulk storage user shall take inventory of the gallons of special fuel on hand.
B. Suppliers and bulk storage users shall report total gallons of special fuel in inventory on the day prior to the day in which an increase in the special fuel excise tax rate is effective and pay any special fuel inventory tax due.
History: Laws 1992, ch. 51, § 5; 2005, ch. 109, § 9.
ANNOTATIONSThe 2005 amendment, effective January 1, 2006, deleted Subsection C, which required dealers to maintain a record of total gallons of fuel in inventory prior the day on which an the special fuel excise tax rate changes and which prohibited dealers from changing the price of special fuel sold until the inventory was sold.
