NMSA 1978, § 7-13-3.1 — 7-13-3.1

Gasoline inventory tax; imposition of tax; date payment of
tax due.

# A.

A gasoline inventory tax is imposed measured by the quantity of gallons of
gasoline in the possession of a distributor or wholesaler on the day in which an increase
in the excise tax imposed by Section 7-13-3 NMSA 1978 is effective. The taxable event
is the existence of an inventory in the possession of a distributor or wholesaler on the
day prior to the day in which an increase in the excise tax imposed by Section 7-13-3
NMSA 1978 is effective. The rate of the gasoline inventory tax to apply on each gallon
of gasoline held in inventory by a distributor or wholesaler, as provided in Section 7-13-
3.2 NMSA 1978, shall be the difference between the gasoline excise tax rate imposed
on the day prior to the day in which the gasoline excise tax is increased subtracted from
the gasoline excise tax rate imposed on the day that the gasoline excise tax rate
increase is effective, expressed in cents per gallon.

# B.

The gasoline inventory tax is to be paid to the department on or before the
twenty-fifth day of the month following the month in which the taxable event occurs.