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 credit is called the Intergovernmental Coal Severance Tax...
For the privilege of severing natural resources in New Mexico, the severer is subject to an excise tax on the taxable value of the quantity of natural resources severed and saved by or for him as determined under, and at the rates provided by the Severance Tax Act.
Timber and any timber product, and any metalliferous or non-metalliferous mineral product, combination or compound severed in New Mexico except for oil, natural gas, liquid hydrocarbons or carbon dioxide, are subject to the severance tax.
If you file for the severance tax, you must file for the resource excise tax.
“Severing” means: mining, quarrying, extracting, felling or producing any natural resource in New Mexico for sale, profit or commercial use.
Severance tax rates are: Potash is 2 1/2% of taxable value Copper is 1/2% of taxable value Timber is 1/8% of taxable value Pumice, gypsum, sand, gravel, clay, fluorspar and other nonmetallic minerals are 1/8% of taxable value Lead, zinc, thorium, molybdenum,...
Oil & Gas Production Taxes The tax credit applies only to “qualifying wells.” It is calculated each month by product and production unit at 75% of the lesser of: either the aggregate amount of severance, privilege, ad valorem or similar tax in effect on March 1, 1995,...
Pay the tax on or before the 25th day of the month following the month in which the taxable event occurs unless otherwise allowed by the Taxation and Revenue Department.