CHAPTER 7: SPECIAL PROPERTY TAXES
PART 2: COPPER AD VALOREM TAX
3.7.2.1 ISSUING AGENCY: Taxation and Revenue Department, Joseph M. Montoya Building, 1100 South St. Francis Drive, P.O. Box 630, Santa Fe NM 87504-0630
[7/31/96; 3.7.2.1 NMAC - Rn, 3 NMAC 7.2.1, 12/14/00]
3.7.2.2 SCOPE: This part applies to all persons who sever or smelt copper and applies to the valuation of all productive copper mineral property.
[7/31/96; 3.7.2.2 NMAC - Rn, 3 NMAC 7.2.2, 12/14/00]
3.7.2.3 STATUTORY AUTHORITY: Section 9-11-6.2 NMSA 1978.
[7/31/96; 3.7.2.3 NMAC - Rn, 3 NMAC 7.2.3, 12/14/00]
3.7.2.4 DURATION: Permanent.
[7/31/96; 3.7.2.4 NMAC - Rn, 3 NMAC 7.2.4, 12/14/00]
3.7.2.5 EFFECTIVE DATE: 7/31/96, unless a later date is cited at the end of a section, in which case the later date is the effective date.
[7/31/96; 3.7.2.5 NMAC - Rn & A, 3 NMAC 7.2.5, 12/14/00]
3.7.2.6 OBJECTIVE: The objective of this part is to interpret, exemplify, implement and enforce the provisions of the Copper Production Ad Valorem Tax Act.
[7/31/96; 3.7.2.6 NMAC - Rn, 3 NMAC 7.2.6, 12/14/00]
3.7.2.7 DEFINITIONS: Reserved.
[7/31/96; 3.7.2.7 NMAC - Rn, 3 NMAC 7.2.7, 12/14/00]
3.7.2.8 DETERMINATION OF AVERAGE PRICE:
A. The copper and other mineral prices to be used to calculate the value of salable copper and other minerals for purposes of the Copper Ad Valorem Tax Act shall be the following average annual prices as published in Metals Week, or any successor publication, for each year:
(1) copper - “COMEX HG 1st position” copper price per pound cathodes;
(2) gold - “Handy and Harmon” gold price per troy ounce;
(3) silver - “Handy and Harmon” silver price per troy ounce;
(4) molybdenum sulfide concentrate - “byproduct concentrate” molybdenum price per pound;
(5) molybdic oxide - “metals week dealer oxide” molybdenum price per pound;
(6) zinc - “metals week U.S. high grade” zinc price per pound; and
(7) other minerals - as determined by the taxation and revenue department pursuant to subsequent regulation or in response to a written request from the taxpayer specifying the mineral produced and the taxable years to which the request pertains.
B. This section (3.7.2.8 NMAC) is applicable to taxable transactions on or after July 1, 1990.
[7-1-90, 7/31/96; 3.7.2.8 NMAC - Rn & A, 3 NMAC 7.2.8, 12/14/00]
HISTORY 3.7.2 NMAC:
Pre-NMAC History: The material in this part was derived from that previously filed with the State Records Center:
TRD Regulation CAV 2:1, Regulation Pertaining to the Copper Ad Valorem Tax Act, Section 7-39-2 NMSA 1978, filed 10/11/90.
History of Repealed Material: [RESERVED]
NMAC History:
3 NMAC 7.2, Copper Ad Valorem Tax, filed 7/18/96.
3.7.2 NMAC, Copper Ad Valorem Tax, filed 12/1/00.