The purpose of the Resources Excise Tax Act is to provide revenue for public purposes by levying a tax on the privilege of severing and processing natural resources within New Mexico.
History: 1953 Comp., § 72-16A-21, enacted by Laws 1966, ch. 48, § 2.
Effective dates. — Laws 1966, ch. 48, § 14 made Laws 1966, ch. 48, § 2 effective July 1, 1967.
Primary purpose of Resources Excise Tax Act is to encourage the development of the extractive industries of this state through the imposition of rates that are a fraction of the gross receipts tax (see Sections 7-9-1 to 7-9-81 NMSA 1978). Carter & Sons, Inc. v. N.M. Bureau of Revenue, 1979-NMCA-025, 92 N.M. 591, 592 P.2d 191.
Taxation of lumber business activities. — "Road maintenance" and "hauling" are an integral and indispensable part of a taxpayer's activity of severing timber and delivering it to a lumber mill and as such are exempt from the gross receipts tax (see Sections 7-9-1 to 7-9-81 NMSA 1978) by the provisions of Section 7-9-35 NMSA 1978, while being taxable under the Resources Excise Tax Act. Carter & Sons, Inc. v. N.M. Bureau of Revenue, 1979-NMCA-025, 92 N.M. 591, 592 P.2d 191.
Am. Jur. 2d, A.L.R. and C.J.S. references. — 84 C.J.S. Taxation § 95 et seq.
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