Section 7-29-4.1 - Taxable value; method of determining. - New Mexico Statutes

7-29-4.1. Taxable value; method of determining.

To determine the taxable value of oil and of other liquid hydrocarbons removed from natural gas at or near the wellhead, of carbon dioxide, of helium, of non-hydrocarbon gases, of natural gas from new production natural gas wells and of natural gas severed after June 30, 1990, there shall be deducted from the value of products:

A.     royalties paid or due the United States or the state of New Mexico;

B.     royalties paid or due any Indian tribe, Indian pueblo or Indian that is a ward of the United States of America; and

C.     the reasonable expense of trucking any product from the production unit to the first place of market.