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New Mexico Statutes Chapter 9. Executive Department § 9-29A-3. Distribution; early childhood education and care fund; severance tax permanent fund; payments pursuant to federal mineral leasing act

Current as of May 06, 2021 | Updated by FindLaw Staff

<This version of section effective July 1, 2024. See, also, version of section 9-29A-3 effective until July 1, 2024.>

A. If, by June 30 of each fiscal year, the net receipts for that fiscal year of the money received by the state pursuant to the federal Mineral Leasing Act exceed the annual average amount, the excess amount above the annual average amount shall be distributed to the early childhood education and care fund and attributed to that fiscal year.

B. If, by June 30, 2025, and by June 30 of each fiscal year thereafter, the remaining amount of the net receipts for that fiscal year of the money received by the state pursuant to the federal Mineral Leasing Act after the distribution pursuant to Subsection A of this section exceeds the threshold amount, the excess shall be distributed to the severance tax permanent fund.

C. The department of finance and administration shall make the calculations to determine if excess amounts shall be distributed pursuant to this section. If there is an excess amount, the distribution shall be made as soon as practicable. If there is not an excess amount, no distribution shall be made.

D. As used in this section:

(1) “annual average amount” means the total net receipts attributable to money received by the state pursuant to the federal Mineral Leasing Act in the immediately preceding five fiscal years, divided by five; and

(2) “threshold amount” means the net receipts of the money received by the state pursuant to the federal Mineral Leasing Act distributed in fiscal year 2024 pursuant to Subsection B of Section 22-8-34 NMSA 1978.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 9. Executive Department § 9-29A-3. Distribution; early childhood education and care fund; severance tax permanent fund; payments pursuant to federal mineral leasing act - last updated May 06, 2021 | https://codes.findlaw.com/nm/chapter-9-executive-department/nm-st-sect-9-29a-3/

Read this complete New Mexico Statutes Chapter 9. Executive Department § 9-29A-3. Distribution; early childhood education and care fund; severance tax permanent fund; payments pursuant to federal mineral leasing act on Westlaw

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