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New Mexico Statutes Chapter 7. Taxation § 7-1-6.61. Distribution; oil and gas emergency school tax; excess extraction taxes suspense fund

Current as of January 01, 2024 | Updated by Findlaw Staff

<This version of section effective July 1, 2024. See, also, version of section 7-1-6.61 effective until July 1, 2024.>

A. A distribution pursuant to Section 7-1-6.20 NMSA 1978 shall be made to the excess extraction taxes suspense fund 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 threshold amount, the excess shall be distributed by the taxation and revenue department to the excess extraction taxes suspense fund. Each month the department of finance and administration shall make the calculation to determine the excess amount to be distributed. If there is not an excess amount, no distribution shall be made.

C. As used in this section:

(1) “threshold amount” means the total net receipts attributable to the tax imposed pursuant to Section 7-31-4 NMSA 1978 and distributed to the general fund in fiscal year 2024; 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.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 7. Taxation § 7-1-6.61. Distribution; oil and gas emergency school tax; excess extraction taxes suspense fund - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-7-taxation/nm-st-sect-7-1-6-61/

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