For the privilege of severing natural resources, there is imposed on any severer of natural resources in New Mexico an excise tax on the taxable value or the quantity of natural resources severed and saved by or for him as determined under, and at the rates provided in the Severance Tax Act. The tax imposed by this section shall be known as the "severance tax".
History: 1953 Comp., § 72-18-3, enacted by Laws 1971, ch. 65, § 5; 1977, ch. 102, § 5.
Responsibility for payment attaches at time of sale. — The legal incidence or the responsibility for the payment of the severance tax attaches at the time that a sale is made. United Nuclear Corp. v. Revenue Div., 1982-NMCA-067, 98 N.M. 296, 648 P.2d 335, cert. denied, 98 N.M. 336, 648 P.2d 794.
Responsibility for payment falls upon severer of resource. — The legal incidence or the responsibility for the payment of the tax falls on the taxpayer who is the severer of the natural resource. United Nuclear Corp. v. Revenue Div., 1982-NMCA-067, 98 N.M. 296, 648 P.2d 335, cert. denied, 98 N.M. 336, 648 P.2d 794.
Law reviews. — For comment, "Approaches to State Taxation of the Mining Industry," see 10 Nat. Resources J. 156 (1970).
For article, "New Mexico's Effort at Rational Taxation of Hard-Minerals Extraction," see 10 Nat. Resources J. 415 (1970).
For comment, "Taxation of the Uranium Industry: An Economic Proposal," see 7 N.M.L. Rev. 69 (1976-77).
For article, " 'New Mexican Nationalism' and the Evolution of Energy Policy in New Mexico," see 17 Nat. Resources J. 283 (1977).
For comment, "Constitutional Limitations On State Severance Taxes," see 20 Nat. Resources J. 887 (1980).
For comment, "An Outline For Development of Cost-Based State Severance Taxes," see 20 Nat. Resources J. 913 (1980).
Am. Jur. 2d, A.L.R. and C.J.S. references. — 71 Am. Jur. 2d State and Local Taxation § 614.
Tax on severance of natural resources from soil, 32 A.L.R. 827.
Severance tax as property tax or privilege tax, 103 A.L.R. 35.
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