New Mexico Severance Compensation Program
Description
How to fill out Severance Compensation Program?
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FAQ
Severance pay or Voluntary Buyout payments and legal settlements which result in payments to an employee are not considered wages and are not reportable to the Department.
On all products, the tax rate is three and three-fourths percent (3.75%) of the taxable value.
The Unemployment Insurance program, jointly administered by the state of New Mexico and the federal government, pays benefits to people who are out of work through no fault of their own and who meet certain qualifications. These benefits are financed through employers' payroll tax contributions.
Severance tax bonds are issued against revenue from sev- erance taxes, taxes based on the value of oil, gas, or other natural resources ?severed? from the ground. This revenue is deposited into the severance tax bonding fund.
Severance Tax Bonds The State Severance Tax Bonding Act, Sections 7-27-1 through 7-27-27 NMSA 1978, as amended (the ?Severance Tax Bonding Act?) authorizes the Board to issue bonds secured by revenues received by the State into the Severance Tax Bonding Fund, and which include Severance Tax Bonds and Supplemental ...
Severance tax is a state tax imposed on the extraction of non-renewable natural resources that are intended for consumption in other states. These natural resources include such as crude oil, condensate and natural gas, coalbed methane, timber, uranium, and carbon dioxide.
An example of a permanent fund is The Alaska Permanent fund that was funded with oil revenues and the earnings are used to pay annual dividends to each citizen of the state.
Established in 1973, the severance tax permanent fund is the depository for severance taxes not being used to repay capital outlay project bonds. Severance taxes are assessed on the value of oil and natural gas ?severed? from all land in New Mexico.
The Severance Tax Permanent Fund (STPF) was created by the New Mexico Legislature in 1973, as a way to save and invest the severance taxes not being used that year to bond capital projects. The taxes originate from oil, gas and other natural resources as they were taken (severed) from the state.