Chapter 7, Article 33 NMSA 1978
Where can I find an explanation of this tax?
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Natural Gas Processor Tax
What is the purpose of the Natural Gas Processors tax?
It is a tax on processors for the privilege of operating a natural gas processing plant in New Mexico.
On what is the tax imposed?
The tax is imposed on the amount of mmBtus of natural gas delivered to the processor at the inlet of the natural gas processing plant after taking specifically authorized mmBtu deductions. The definition of “mmBtu” is one million British thermal units.
What is the tax rate?
Per statute, the Taxation and Revenue Department (TRD) calculates the rate through a formula each year, and TRD must inform each processor of the rate on or before June 15th of each year.
Are there any tax incentives related to this program?
No.
Are there any tax credits related to this tax program?
Natural Gas Processor Tax No. Severance Tax - Non Oil & Gas A taxpayer may qualify for a credit against current coal severance taxes if the coal is severed from Indian tribal land or if a tax is imposed on the privilege of severing coal from Indian tribal land. This...
What is the tax-due date for the Natural Gas Processors tax?
The return and the payment are due on or before the 25th day of the month after the close of the plant processing month.