N.M. Stat. § 7-1-6.61

Current through 2024, ch. 69
Section 7-1-6.61 - [Effective Until 7/1/2024] Distribution; oil and gas emergency school tax; excess extraction taxes suspense fund
A. A distribution pursuant to Section 7-1-6.20 NMSA 1978 shall be made to the excess extraction taxes suspense fund in an amount as calculated pursuant to Subsection B of this section.
B. If the year-to-date amount plus the current net receipts exceeds the annual average amount, the excess shall be distributed by the taxation and revenue department to the excess extraction taxes suspense fund. Each month the department of finance and administration shall make the calculation to determine the excess amount to be distributed. If there is not an excess amount, no distribution shall be made.
C. As used in this section:
(1) "annual average amount" means the total net receipts attributable to the tax imposed pursuant to Section 7-31-4 NMSA 1978 and distributed pursuant to Section 7-1-6.20 NMSA 1978 in the immediately preceding five fiscal years, divided by five; and
(2) "year-to-date amount" means the cumulative year-to-date net receipts attributable to the tax imposed pursuant to Section 7-31-4 NMSA 1978 and distributed to the general fund in the prior months of the current fiscal year.

NMS § 7-1-6.61

Laws 2017 (1st S.S.), ch. 3, § 3.
Added by 2017SP1, c. 3,s. 3, eff. 7/1/2018.
This section is set out more than once due to postponed, multiple, or conflicting amendments.