New Mexico Statutes 7-1-6.61. Distribution; oil and gas emergency school tax; excess extraction taxes suspense fund
A. A distribution pursuant to Section 7-1-6.20 N.M. Stat. Ann. shall be made to the excess extraction taxes suspense fund in an amount as calculated pursuant to Subsection B of this section.
Terms Used In New Mexico Statutes 7-1-6.61
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
B. If the year-to-date amount plus the current net receipts exceeds the threshold amount, the excess shall be distributed by the taxation and revenue department to the excess extraction taxes suspense fund. Each month the department of finance and administration shall make the calculation to determine the excess amount to be distributed. If there is not an excess amount, no distribution shall be made.
C. As used in this section:
(1) “threshold amount” means the total net receipts attributable to the tax imposed pursuant to Section 7-31-4 N.M. Stat. Ann. and distributed to the general fund in fiscal year 2024; and
(2) “year-to-date amount” means the cumulative year-to-date net receipts attributable to the tax imposed pursuant to Section 7-31-4 N.M. Stat. Ann. and distributed to the general fund in the prior months of the current fiscal year.