N.M. Code R. § 3.18.4.8 - TAX DUE FROM REDUCTION OF ROYALTIES
A. When an agency of the United States of
America, the state or New Mexico or any Indian nation, tribe or pueblo, a
member of an Indian nation, tribe or pueblo who is a ward of the United States
or any court approves a royalty reduction on products previously reported, the
reduction in royalty shall be reported no later than the twenty-fifth day of
the second month following the month in which approval was granted. The tax due
New Mexico as a result of the reduction in royalty shall be computed by
applying to the reduction the appropriate rates of the oil and gas severance,
the oil and gas emergency school, the oil and gas conservation and the oil and
gas ad valorem production taxes in effect for the month in which the product
was severed. The tax due shall accompany or precede the return.
B. Section 3.18.4.9 NMAC is retroactively
applicable to orders issued on or after July 1, 1997.
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