NMSA 1978, § 7-9-33 — 7-9-33

Exemption; gross receipts tax; products subject to Oil and
Gas Emergency School Tax Act.

# A.

Exempted from the gross receipts tax are receipts from the sale of products the
severance of which is subject to the tax imposed by the Oil and Gas Emergency School
Tax Act [Chapter 7, Article 31 NMSA 1978] except that receipts from the sale of
products other than for subsequent resale in the ordinary course of business, for
consumption outside the state, or for use as an ingredient or component part of a
manufactured product are subject to the Gross Receipts and Compensating Tax Act as
well as to the Oil and Gas Emergency School Tax Act.

# B.

No gross receipts tax or compensating tax pursuant to the Gross Receipts and
Compensating Tax Act shall apply to storing crude oil, natural gas or liquid
hydrocarbons, individually or any combination, or to the use of such products for fuel in
the operation of a "production unit" as defined by the Oil and Gas Emergency School
Tax Act.