Taxable value; method of determining
Known as the Oil and Gas Emergency School Tax Act
The act spans §§ 7–7 (28 sections).
1953 Comp., § 72-21-5, enacted by Laws 1959, ch. 54, § 5; 1963, ch. 179, § 25.
To determine the taxable value there shall be deducted from the value of products:
A. royalties paid or due the United States or the state of New Mexico;
B. royalties paid or due any Indian tribe, Indian pueblo or Indian that is a ward of the United States of America; and
C. the reasonable expense of trucking any product from the production unit to the first place of market.
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.