New Mexico § 7-1-6.61 - Distribution; oil and gas emergency school tax; excess extraction taxes suspense fund
Full text of New Mexico New Mexico Statutes Annotated § 7-1-6.61 — Distribution; oil and gas emergency school tax; excess extraction taxes suspense fund, with citation guidance and answers to common questions.
§ 7-1-6.61. Distribution; oil and gas emergency school tax; excess extraction taxes suspense fund
pursuant to Subsection B of this section. B. If the year-to-date amount plus the current net receipts exceeds the threshold
amount, the excess shall be distributed by the taxation and revenue department to
the excess extraction taxes suspense fund. Each month the department of finance and administration shall make the calculation
to determine the excess amount to be distributed. If there is not an excess amount, no distribution shall be made. C. As used in this section: (1) “ threshold amount ” means the total net receipts attributable to the tax imposed pursuant to Section 7-31-4 NMSA 1978 and distributed to the general fund in fiscal year 2024; and (2) “ year-to-date amount ” means the cumulative year-to-date net receipts attributable to the tax imposed pursuant
to Section 7-31-4 NMSA 1978 and distributed to the general fund in the prior months of the current fiscal year.
Source: official New Mexico text · Last verified 2026-08-27
Frequently Asked Questions About New Mexico § 7-1-6.61
What does New Mexico Statutes Annotated § 7-1-6.61 cover?
Section 7-1-6.61 ("Distribution; oil and gas emergency school tax; excess extraction taxes suspense fund") is part of the New Mexico Statutes Annotated, the codified statutory law of New Mexico. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Mexico § 7-1-6.61?
A common citation format is "New Mexico Statutes Annotated § 7-1-6.61" (New Mexico). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Mexico law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Mexico official source linked on this page or consult a licensed New Mexico attorney.
How does New Mexico § 7-1-6.61 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Mexico can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Mexico.