2019 New Mexico Statutes
Chapter 7 - Taxation
Article 25 - Resources Excise Tax
Section 7-25-5 - Rate and measure of tax; denomination as "processors tax".
A. For the privilege of processing natural resources, there is imposed on any processor of natural resources in New Mexico an excise tax at the following rates on the taxable value of the natural resources:
(1) all natural resources except timber, potash and molybdenum, three-fourths of one percent;
(2) timber, three-eighths of one percent;
(3) potash, one-eighth of one percent; and
(4) molybdenum, one-eighth of one percent.
B. The tax imposed by this section shall be referred to as the "processors tax".
History: 1978 Comp., § 7-25-5, enacted by Laws 1985, (1st S.S.), ch. 3, §§ 1, 2; 1999, ch, 177, § 3; repealed and reenacted by Laws 1999, ch. 177, § 4.
ANNOTATIONS1999 amendments. — Laws 1999, ch. 177, § 3, for tax years beginning July 1, 1999 and ending July 1, 2002, reduced the three-quarters of one percent processors tax on copper to one-fourth of one percent. See Laws 1999, ch. 177, § 5 for the applicability of Laws 1999, ch. 177, §§ 1 and 3.
Laws 1999, ch. 177, § 4, applicable for the tax year beginning July 1, 2002, repealed and reenacted 7-25-5 NMSA 1978 to increase the processors tax on copper in Subsection A(1)from one-fourth of one percent to three-fourths of one percent. See Laws 1999, ch. 177, § 6 for the applicability of Laws 1999, ch. 177, §§ 2 and 4.
Law reviews. — For comment, "Approaches to State Taxation of the Mining Industry," see 10 Nat. Resources J. 156 (1970).
For article, "New Mexico's Effort at Rational Taxation of Hard-Minerals Extraction," see 10 Nat. Resources J. 415 (1970).
For comment, "Taxation of the Uranium Industry: An Economic Proposal," see 7 N.M. L. Rev. 69 (1976-77).
For article, "Evaluating Congressional Limits on a State's Severance Tax Equity Interest in Its Natural Resources: An Essential Responsibility for the Supreme Court," see 22 Nat. Resources J. 673 (1982).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation §§ 218, 614.
84 C.J.S. Taxation § 95 et seq.
