The tax rate depends on the product: On oil, and also on oil and other liquid hydrocarbons removed from natural gas at or near the wellhead, the base rate is nineteen-hundredths percent of the taxable value (0.19%). Effective for the July 2010 production and quarterly...
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You may qualify for a credit against current conservation taxes if the products are severed from Indian tribal land or imposed on the privilege of severing products from Indian tribal land. This credit is called the intergovernmental production tax credit.
File the return and the payment on or before the 25th day of the second month following the month of production.
Review specific information in Chapter 7, Article 31 NMSA 1978
It is a privilege tax on the business of every person severing products in New Mexico.
The tax is imposed on the taxable value of the product.
The tax rate depends on the product: On oil, and on oil and other liquid hydrocarbons removed from natural gas at or near the wellhead, three and fifteen hundredths percent (3.15%) of the taxable value On carbon dioxide, helium and non-hydrocarbon gases, three and...
Tax incentive rates do exist per statute but may or may not be in effect. Please click the Contact Us button and speak with someone at the Oil and Gas Bureau for further information.
A taxpayer may qualify for a credit against current emergency school taxes if the products are: Severed from Jicarilla Apache tribal land. This credit is identified as the Jicarilla Apache tribal capital improvement tax credit (Section 7-31-27 NMSA 1978); or Severed...