NMSA 7-29A-5. Secretary of taxation and revenue approval; refund

The taxpayer must seek approval and submit required certifications and material to qualify for the recovered oil tax rate; if tax was paid at the higher rate, a refund claim may be filed, and any refund is paid as a credit against future severance tax liabilities.

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Jurisdiction: United States — New Mexico
Instrument: Act or statute
Version: Undated source snapshot
Language: en
Updated: 12 Jul 2026
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oil and gas severance tax refunds tax approval

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Provisions of NMSA 7-29A-5. Secretary of taxation and revenue approval; refund

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7-29A-5
NMSA 7-29A-5. Secretary of taxation and revenue approval; refund
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AI-assisted research summary: The taxpayer must seek approval and submit required certifications and material to qualify for the recovered oil tax rate; if tax was paid at the higher rate, a refund claim may be filed, and any refund is paid as a credit against future severance tax liabilities.

7-29A-5. Secretary of taxation and revenue approval; refund. A. The person responsible for paying the oil and gas severance tax on production from the enhanced recovery project shall not qualify to receive the recovered oil tax rate unless that person: (1) applies to the secretary of taxation and revenue in the form and manner prescribed by the secretary for approval to pay the oil and gas severance tax on crude oil severed and saved from the enhanced recovery project at the recovered oil tax rate; (2) includes the certifications from the division of approval and designation of the affected areas of the enhanced recovery project and of a positive production response from the enhanced recovery project; and (3) provides all relevant material that the secretary of taxation and revenue considers necessary to administer the applicable provisions of the Enhanced Oil Recovery Act. B. An approval of the secretary of taxation and revenue in accordance with Subsection A of this section shall be applicable to crude oil severed and sold from the enhanced recovery project on and after the first day of the month following the month in which the division certifies that a positive production response with respect to the enhanced recovery project has occurred. If the oil and gas severance tax is paid at a rate imposed in Paragraph (2) of Subsection A of Section 7-29-4 NMSA 1978 on crude oil severed and saved from the enhanced recovery project after the month in which the division certifies that a positive production response with respect to the enhanced recovery project has occurred, a claim for refund may be filed in accordance with Section 7-1-26 NMSA 1978 for the excess in tax over the amount due using the recovered oil tax rate. Notwithstanding the provisions of Subsection E [Subsection F] of Section 7-1-26 NMSA 1978 any such refund granted shall be made in the form of a credit against future oil and gas severance tax liabilities. History: Laws 1992, ch. 38, § 5. ARTICLE 29B Natural Gas and Crude Oil Production Incentives

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NMSA 7-29A-5. Secretary of taxation and revenue approval; refund

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