Section 7-1-6.20 - Identification of money in extraction taxes suspense fund; distribution. - New Mexico Statutes

7-1-6.20. Identification of money in extraction taxes suspense fund; distribution.

A.     Except as provided in Subsection B of this section, after the necessary disbursements have been made from the extraction taxes suspense fund, the money remaining in the suspense fund as of the last day of the month shall be identified by tax source and distributed or transferred in accordance with the provisions of Sections 7-1-6.21 through 7-1-6.23 NMSA 1978. After the necessary distributions and transfers, any balance, except for remittances unidentified as to source or disposition, shall be transferred to the general fund.   

B.     Payments on assessments issued by the department pursuant to the Oil and Gas Conservation Tax Act [7-30-1 NMSA 1978], the Oil and Gas Emergency School Tax Act [7-31-1 NMSA 1978], the Oil and Gas Ad Valorem Production Tax Act [7-32-1 NMSA 1978] and the Oil and Gas Severance Tax Act [7-29-1 NMSA 1978] shall be held in the extraction taxes suspense fund until the secretary determines that there is no substantial risk of protest or other litigation, whereupon after the necessary disbursements have been made from the extraction taxes suspense fund, the money remaining in the suspense fund as of the last day of the month attributed to these payments shall be identified by tax source and distributed or transferred in accordance with the provisions of Sections 7-1-6.21 through 7-1-6.23 NMSA 1978. After the necessary distributions and transfers, any balance, except for remittance unidentified as to source or disposition, shall be transferred to the general fund.