As used in the Natural Gas Processors Tax Act:

Terms Used In New Mexico Statutes 7-33-2

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC

A. “average annual taxable value” means the average of the taxable value per mcf, determined pursuant to Section 7-31-5 N.M. Stat. Ann., of all natural gas produced in New Mexico for the specified calendar year as determined by the department;

B. “department” means the taxation and revenue department, the secretary of taxation and revenue or any employee of the department exercising authority lawfully delegated to that employee by the secretary;

C. “fiscal year” means the period starting July 1 and ending June 30 of the succeeding calendar year;

D. “mcf” means one thousand cubic feet;

E. “mmbtu” means one million British thermal units;

F. “natural gas” means any hydrocarbon that at atmospheric conditions of temperature and pressure is in a gaseous state, and includes non-hydrocarbon gases that are in combination with hydrocarbon gases;

G. “natural gas processing plant” means a facility used to extract liquid hydrocarbons and non-hydrocarbon gaseous or liquid substances, individually or in any combination, from natural gas, but does not include a facility that refines or processes oil, natural gas or liquid hydrocarbons or that extracts substances from natural gas through a field or lease operation;

H. “person” means any individual, estate, trust, receiver, business trust, corporation, firm, copartnership, cooperative, joint venture, association or other group or combination acting as a unit;

I. “processor” means a person who operates a natural gas processing plant; and

J. “tax” means the natural gas processors tax.

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