A. On the day prior to the day that the excise tax imposed by Section 7-13-3 N.M. Stat. Ann. is increased, each distributor, wholesaler and retailer shall take inventory of the gallons of gasoline on hand.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

B. Distributors and wholesalers shall report total gallons of gasoline in inventory on the day prior to the day that an increase in the gasoline tax rate is effective and pay any tax due imposed by Section 7-13-3.1 N.M. Stat. Ann..

C. Retailers shall maintain a record of the total gallons of gasoline in inventory on the day prior to the day that an increase in the gasoline tax rate is effective and shall not increase the price of the gasoline sold until the inventory is disposed of in the ordinary course of business.