NMSA 1978, § 7-1-6.20 — 7-1-6.20

Identification of money in extraction taxes suspense fund;
distribution.

# A.

Except as provided in Subsection B of this section, after the necessary
disbursements have been made from the extraction taxes suspense fund, the money
remaining in the suspense fund as of the last day of the month shall be identified by tax
source and distributed or transferred in accordance with the provisions of Sections 7-1-
6.21 through 7-1-6.23 and 7-1-6.61 NMSA 1978. After the necessary distributions and
transfers, any balance, except for remittances unidentified as to source or disposition,
shall be transferred to the general fund.

# B.

Payments on assessments issued by the department pursuant to the Oil and Gas
Conservation Tax Act [Chapter 7, Article 30 NMSA 1978], the Oil and Gas Emergency
School Tax Act [Chapter 7, Article 31 NMSA 1978], the Oil and Gas Ad Valorem
Production Tax Act [Chapter 7, Article 32 NMSA 1978] and the Oil and Gas Severance
Tax Act [Chapter 7, Article 29 NMSA 1978] shall be held in the extraction taxes
suspense fund until the secretary determines that there is no substantial risk of protest
or other litigation, whereupon after the necessary disbursements have been made from
the extraction taxes suspense fund, the money remaining in the suspense fund as of the
last day of the month attributed to these payments shall be identified by tax source and
distributed or transferred in accordance with the provisions of Sections 7-1-6.21 through
7-1-6.23 and 7-1-6.61 NMSA 1978. After the necessary distributions and transfers, any
balance, except for remittance unidentified as to source or disposition, shall be
transferred to the general fund.