Statutes > New Mexico Statutes > Chapter 7 - Taxation. > Article 27 - Severance Tax Bonding Act, 7-27-1 through 7-27-48. > Section 7-27-2 - Severance tax bonding fund created.

Section 7-27-2 - Severance tax bonding fund created.

7-27-2. Severance tax bonding fund created.

There is created the "severance tax bonding fund" into which shall be distributed, in accordance with the Tax Administration Act [7-1-1 NMSA 1978], the net receipts from taxes levied upon natural resource products severed and saved from the soil in accordance with the provisions of the Severance Tax Act [7-26-1 NMSA 1978] and the Oil and Gas Severance Tax Act [7-29-1 NMSA 1978] and into which shall be deposited such other money as the legislature may from time to time determine.