New Mexico Administrative Code
Title 3 - TAXATION
Chapter 2 - GROSS RECEIPTS TAXES
Part 121 - EXEMPTION - GROSS RECEIPTS TAX - PRODUCTS SUBJECT TO OIL AND GAS EMERGENCY SCHOOL TAX ACT
Section 3.2.121.8 - FUEL IN THE OPERATION OF A "PRODUCTION UNIT"
Universal Citation: 3 NM Admin Code 3.2.121.8
Current through Register Vol. 35, No. 18, September 24, 2024
Receipts from the sale of oil, natural gas or liquid hydrocarbon, individually or any combination thereof, including butane and propane, when such products are used as fuel in the operation of a "production unit" as defined in Section 7-31-2 NMSA 1978 of the Oil and Gas Emergency School Tax Act are subject to the gross receipts tax. Only the value of the oil, natural gas or liquid hydrocarbon, individually or any combination thereof, produced on a "production unit" and used as fuel on the same "production unit" is exempt from provisions of the Gross Receipts and Compensating Tax Act.
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