NMSA 1978, § 7-30-4 — 7-30-4

Oil and gas conservation tax levied; collected by
department; rate; interest owner's liability to state; Indian liability.

# A.

There is levied and shall be collected by the department a tax on all products that
are severed and sold. The measure and rate of the tax shall be nineteen-hundredths
percent of the taxable value of sold products. Every interest owner shall be liable for this
tax to the extent of the owner's interest in the value of the products or to the extent of
the owner's interest as may be measured by the value of the products. An Indian tribe,
Indian pueblo or Indian shall be liable for this tax to the extent authorized or permitted
by law.

# B.

When the average price of west Texas intermediate crude in the previous quarter
exceeds seventy dollars ($70.00) per barrel, an additional tax to that provided pursuant
to Subsection A of this section is levied and shall be collected by the department on oil
that is severed and sold in the ensuing quarter. The measure and rate of the total tax on
oil shall be twenty-four hundredths percent of the taxable value of the sold product.
Every interest owner shall be liable for this tax to the extent of the owner's interest in the
value of the products or to the extent of the owner's interest as may be measured by the
value of the products. An Indian tribe, Indian pueblo or Indian shall be liable for this tax
to the extent authorized or permitted by law.