NMSA 1978, § 7-16A-4 — 7-16A-4

Special fuel inventory tax; imposition of tax; date payment
of tax due.

# A.

A "special fuel inventory tax" is imposed measured by the quantity of gallons of
special fuel in the possession of a supplier or bulk storage user on the day in which an
increase in the special fuel excise tax rate is effective. The taxable event is the
existence of an inventory in the possession of a supplier or bulk storage user on the day
prior to the day in which an increase in the special fuel excise tax rate is effective. The
rate of the special fuel inventory tax applicable to each gallon of special fuel held in
inventory by a supplier or bulk storage use, as provided in Section 5 [7-16A-5 NMSA
1978] of the Special Fuels Supplier Tax Act, shall be the difference between the special
fuel excise tax rate imposed on the day prior to the day in which the special fuel excise
tax rate is increased, subtracted from the special fuel excise tax rate imposed on the
day in which the special fuel excise tax rate increase is effective, expressed in cents per
gallon.

# B.

The special fuel 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.