§ 7-31-6 NMSA 1978

Value may be determined by department; standard

Known as the Oil and Gas Emergency School Tax Act

The act spans §§ 7–7 (28 sections).

1953 Comp., § 72-21-6, enacted by Laws 1959, ch. 54, § 6; 1978 Comp., § 7-31-6, 2025, ch. 130, § 125.

A. The department may determine the value of products severed from a production unit when:

(1) the operator and purchaser are affiliated persons;

(2) the sale and purchase of products is not an arm's length transaction; or

(3) products are severed and removed from a production unit and a value as defined in the Oil and Gas Emergency School Tax Act is not established for such products.

B. The value determined by the department shall be commensurate with the actual price received for products of like quality, character and use which are severed in the same field or area.

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.