Tax rates on severed natural resources except coal and uranium
Known as the Severance Tax Act
The act spans §§ 7–7 (14 sections).
1953 Comp., § 72-18-5, enacted by Laws 1977, ch. 102, § 7; 1984, ch. 84, § 2.
The severance tax is imposed at the following rates on the taxable value determined under Section 7-26-4 NMSA 1978 of the following natural resources:
A.
potash
2 1/2%
B.
copper
1/2%
C.
timber
1/8%
D.
pumice, gypsum, sand, gravel, clay, fluorspar and other nonmetallic minerals
1/8%
E.
lead, zinc, thorium, molybdenum, manganese, rare earth and other metals
1/8%
F.
gold and silver
1/5%
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.