Resource Excise Tax

What is the definition of “processing’?

“Processing” means smelting, leaching, refining, reducing, compounding or otherwise preparing for sale or commercial use any natural resource in such a way that its character or condition is materially changed in mills or plants located in New Mexico.

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What are the resources tax rates?

Resources tax rates are: For all natural resources except potash and molybdenum, the rate is three-fourths of one percent (3/4% or 0.75). The rate for potash is one-half of one percent (1/2% or 0.5). The rate for molybdenum is one-eighth of one percent (1/8% or...

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What are the processors tax rates?

Processors tax rates are: For all natural resources except timber, potash and molybdenum, the rate is three-fourths of one percent (3/4% or 0.75). The rate for timber is three eighths of one percent (3/8% or 0.375). The rate for potash is one-eighth of one percent...

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What is the tax-due date for the resources excise tax?

The taxes are due on or before the 25th day of the month following the month in which the first of the following occurs: sale, transportation out of New Mexico, or consumption, unless otherwise allowed by the Taxation and Revenue Department.

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