Resources Excise Tax

The Resources Excise Tax Act consists of three taxes on activities related to natural resources in New Mexico. Natural resources include timber and mineral products but do not include oil, natural gas, liquid hydrocarbons, carbon dioxide, helium or non-hydrocarbon gas.

  • Any severer of natural resources in New Mexico owes resources tax on the taxable value of the severed resources as follows:
  • All natural resources, except potash and molybdenum—three-fourths of one percent (0.75%);
  • Potash, one-half of one percent (0.5%), and
  • Molybdenum, one-eighth of one percent (0.125%)
  • Any processor of natural resources in New Mexico owes processors tax at the following rates on the taxable value of the natural resource:
  • All natural resources except timber, potash, and molybdenum – three-fourths of one percent (0.75%);
  • Timber – three-eighths of one percent (0.375%);
  • Potash – one-eighth of one percent (0.125%), and
  • Molybdenum – one-eighth of one percent (0.125%)

A severer or processor of natural resources owned by another person and not otherwise taxed under the Act owes service tax at the same rate that would be imposed on an owner of the natural resources for performing the same function.

The resource excise tax is paid on or before the twenty-fifth (25th) day of the month following the month in which the taxable event occurs.

We deposit the revenue from these taxes in the Extraction Taxes Suspense Fund; the balance, after refunds, is transferred monthly to the General Fund.

Contact Information

New Mexico Taxation and Revenue Department
P.O. Box 2308
Santa Fe, NM 87504-2308

For assistance, call (505) 827-0808

Links

Manage your account online
Who Must Register?
RPD-41038, Resource Excise Tax Return Form and Instructions
Statutory Reference: Look for Chapter 7, Article 25 NMSA 1978 in the New Mexico State Statutes.

Resource Excise Tax Forms and Documents