New Mexico Statutes 7-25-8. Sales of natural resources subject to Gross Receipts and
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Compensating Tax Act.
In addition to being subject to the Resources Excise Tax Act, any person who sells nonfissionable natural resources other than for subsequent sale in the ordinary course of business or for use as an ingredient or component part of a manufactured product is also subject to the provisions of the Gross Receipts and Compensating Tax Act [N.M. Stat. Ann. Chapter 7, Article 9] on such sales.