Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 25 - Resources Excise Tax, 7-25-1 through 7-25-9. > Section 7-25-8 - Sales of natural resources subject to Gross Receipts and Compensating Tax Act.

Section 7-25-8 - Sales of natural resources subject to Gross Receipts and Compensating Tax Act.

7-25-8. Sales of natural resources subject to Gross Receipts and Compensating Tax Act.

In addition to being subject to the Resources Excise Tax Act [7-25-1 NMSA 1978], any person who sells nonfissionable natural resources other than for subsequent sale in the ordinary course of business or for use as an ingredient or component part of a manufactured product is also subject to the provisions of the Gross Receipts and Compensating Tax Act [7-9-1 NMSA 1978] on such sales.