NMSA 1978 Chapter 7 — Taxation
NMSA 1978, § 7-42-3
Cannabis excise tax
# A.
An excise tax is imposed on a cannabis retailer that sells cannabis products in this state. The tax imposed by this section may be referred to as the "cannabis excise tax".
# B.
The rate of the cannabis excise tax shall be at the following rates and shall be applied to the price paid for a cannabis product:
# (1)
prior to July 1, 2025, twelve percent;
# (2)
beginning July 1, 2025 and prior to July 1, 2026, thirteen percent;
# (3)
beginning July 1, 2026 and prior to July 1, 2027, fourteen percent;
# (4)
beginning July 1, 2027 and prior to July 1, 2028, fifteen percent;
# (5)
beginning July 1, 2028 and prior to July 1, 2029, sixteen percent;
# (6)
beginning July 1, 2029 and prior to July 1, 2030, seventeen percent; and
# (7)
beginning July 1, 2030, eighteen percent.
# C.
The cannabis excise tax shall not apply to retail sales of medical cannabis products sold to a qualified patient or a primary caregiver who presents a registry identification card issued pursuant to the Lynn and Erin Compassionate Use Act [Chapter 26, Article 2B NMSA 1978] or a reciprocal participant who presents similar proof from another state, the District of Columbia or a territory or commonwealth of the United States at the time of the sale.
Amendment history
Laws 2021 (1st S.S.), ch. 4, § 45.
Source: official source (NMSA chapter on nmonesource.com)
In this article (5 sections)
- 7-42-1 · Short title
- 7-42-2 · Definitions
- 7-42-3 · Cannabis excise tax
- 7-42-4 · Date payment due; reporting location instructions
- 7-42-5 · 7-42-5