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Penalty interest, also called penalty APR (penalty annual percentage rate), [1] default interest, interest for/on late payment, statutory interest for/on late payment, [2] [3] interest on arrears, or penal interest, in money lending and in sales contracts is punitive interest charged by a lender to a borrower if installments are not paid according to the loan terms.
The principal taxes levied include state income tax, a state gross receipts tax, gross receipts taxes in local jurisdictions, state and local property taxes, and several taxes related to production and processing of oil, gas, and other natural resources. New Mexico is among the "tax-friendly" states of the U.S., offering numerous economic ...
Default interest on late payments may be charged at up to 1.46 times the ordinary maximum (i.e., 21.9% to 29.2%), while pawn shops may charge interest of up to 9% per month (i.e., 108% per year, however, if the loan extends more than the normal short-term pawn shop loan, the 9% per month rate compounded can make the annual rate in excess of 180 ...
About one-fifth of this amount — $26.1 billion — was generated by the oil and gas industry. According to the New Mexico Tax Research Institute, total state and local government spending in ...
Here’s the latest on New Mexico’s work to reuse oil and gas wastewater. More: Heinrich, Lujan join call for tighter oil and gas rules on New Mexico public land State law called for rules to ...
The oil and gas industry provides about a third of the state revenue in New Mexico. The oil and gas industry is paying the bills at a federal level as well. Recent data from the Department of ...
In order to ensure that the state receives a portion of the revenue from oil and gas leases within the state, any payments made to an address outside of the state require that a tax be withheld and paid directly to the state. States that have enacted such laws include, but are not limited to: Georgia; Maryland; Oklahoma; New Mexico; Utah ...
Oil and gas generated more than $15 billion in income for New Mexico in the last fiscal year, according to a state economic report presented to lawmakers during a recent meeting in Carlsbad ...