Please see Section 7-30-5 NMSA 1978.
How is taxable value derived on coal, uranium and geothermal energy?
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Frequently Asked Questions
Which form do I use to file under this tax program for coal, uranium and geothermal energy?
Use Form RPD–41120, Coal/Uranium Conservation Tax Report.
What is the tax-due date?
The tax is due on the 25th day of the month following the month of production unless otherwise authorized by the Department.
Should I include dashes, dollar signs, commas or texts with the data entered?
You can include dashes, dollar signs and commas in your entries.
Can I make changes after all the information has been entered on the form?
Yes, you can still go in and make changes after entering the information.
Should I save a copy of my completed form before sending or taking it to you?
You cannot save a copy of the completed form on your computer, but you can print it for your records.
What is the Oil and Gas Proceeds Withholding Tax?
The oil and gas proceeds withholding tax is a withholding tax on the amount paid to nonresidents of New Mexico from oil and gas wells located in New Mexico.
What does “oil and gas proceeds” mean?
Oil and gas proceeds are amounts derived from production and payable to recipients (remittees) as royalty interest, overriding royalty interest, production payment interest, working interest, or any other amount expressed as a right to a specified interest either in...
Who must withhold?
The remitter (the person, whether an individual or a business) who makes an oil and gas proceeds payment to a nonresident of New Mexico must withhold from that payment. The recipient must be a qualified remittee.
Who is a qualified remittee?
A qualified remittee is a person who receives oil and gas proceeds from New Mexico wells and who is not a resident of New Mexico. As proof of a New Mexico residence, the Taxation and Revenue Department (TRD) will accept a New Mexico address provided by the remittee as...