The severance tax is imposed at the following rates on the taxable value determined under Section 7-26-4 NMSA 1978 of the following natural resources: A. potash 2 1/2% B. copper 1/2% C. timber 1/8% D. pumice, gypsum, sand, gravel, clay, fluorspar and other nonmetallic minerals 1/8% E. lead, zinc, thorium, molybdenum, manganese, rare earth and other metals 1/8% F. gold and silver 1/5% History: 1953 Comp., § 72-18-5, enacted by Laws 1977, ch. 102, § 7; 1984, ch. 84, § 2. ANNOTATIONSRepeals. — Laws 1971, ch. 65, § 7, repealed former 72-18-5, 1953 Comp., relating to security to insure compliance with severance tax provisions. Law reviews. — 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).
New Mexico Legal Code