The Jicarilla Apache tribal improvement tax credit is calculated monthly by product and production unit. It is the lesser of either the amount of the Jicarilla Apache tribal improvement tax imposed by the tribe, or seven-tenths of one percent of the taxable value as...
File the return and the payment on or before the 25th day of the second month following the month of production.
See Chapter 7, Article 32 NMSA 1978
It is an ad valorem (in proportion to the value) tax on the value of severed products.
The tax is imposed on the assessed value of products severed and sold from each production unit at a rate certified to the Taxation and Revenue Department (TRD).
Per statute, the Department of Finance and Administration certifies the rate which is effective from September of any given year through the following August.
No.
A taxpayer may qualify for a credit against current ad valorem production taxes if the products are severed from Indian tribal land or if the tax is imposed on the privilege of severing products from Indian tribal land. This credit is called the intergovernmental...
File the return and payment on or before the 25th day of the second month after the month of production.
See Chapter 7, Article 34 NMSA 1978