NMSA 1978, § 7-9-34 — 7-9-34

Exemption; gross receipts tax; refiners and persons subject
to Natural Gas Processors Tax Act.

# A.

Exempted from the gross receipts tax are receipts from the sale or processing of
products the processing of which is subject to the privilege tax imposed by the Natural
Gas Processors Tax Act [Chapter 7, Article 33 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 Natural Gas Processors Tax Act.

# B.

No gross receipts tax or compensating tax pursuant to the Gross Receipts and
Compensating Tax Act shall apply to receipts from storing or using crude oil, natural gas
or liquid hydrocarbons, individually or any combination, when stored or used in New
Mexico by a "processor", as defined by the Natural Gas Processors Tax Act, or by a
person engaged in the business of refining oil, natural gas or liquid hydrocarbons who
stores or uses the crude oil, natural gas or liquid hydrocarbons in the regular course of
his refining business.