New Mexico Administrative Code
Title 3 - TAXATION
Chapter 19 - SEVERANCE TAX
Part 4 - VALUE OF MINERALS
Section 3.19.4.10 - WHICH SUBSTANCES ARE "NATURAL RESOURCES"
Current through Register Vol. 35, No. 18, September 24, 2024
A. GUANO IS NOT A NATURAL RESOURCE: Guano is a substance composed chiefly of the dung of sea birds or bats, accumulated along certain costal areas or in caves, and used as a fertilizer. The definitions of "natural resource" in Sections 7-25-3 and 7-26-2 NMSA 1978 do not include guano and therefore guano is not a natural resource from the purposes of the Resources Excise Tax Act and the Severance Tax Act.
B. CALICHE IS A NATURAL RESOURCE: Caliche is a natural resource for purposes of the Resources Excise Tax Act and the Severance Tax Act.
C. TREES:
D. BORROW MATERIALS ARE NOT NATURAL RESOURCES: Borrow materials, such as soil type materials, used for fill or embankment in a construction operation are not a "natural resource" as that term is used in the Resources Excise Tax Act or the Severance Tax Act.