NMSA 1978, § 7-26-7 — Severance tax on uranium

The severance tax on uranium is measured by the quantity of U3O8 contained in
and recoverable from severed and saved uranium-bearing material whether that
material is ore or solution, measured in a standard manner established by regulation of
the director. The taxable event is the sale, transportation out of New Mexico or
consumption of the uranium-bearing material, whichever first occurs. Upon each pound
of severed and saved U3O8 contained in severed uranium-bearing material, there shall
be collected from the severer a severance tax equal to three and one-half percent of
taxable value.