CHAPTER 11. TAXATION.

§11-15-7. Tax on gross proceeds of sales or value of manufactured, etc., products.

(a) A person exercising the privilege of producing for sale, profit or commercial use, any natural resources, product or manufactured product, and either engaged in the business of selling such product not otherwise exempted herein, or engaged in a business or activity in which such natural resource, product or manufactured product is used or consumed by him and such use or consumption is not otherwise exempt under this article, shall make returns of the gross proceeds of such sales or, in the absence of sale, the gross value of the natural resource, product or manufactured product, so used or consumed by him and pay the tax imposed by this article.

(b) The Tax Commissioner shall promulgate such uniform and equitable rules as he deems necessary for determining the gross value upon which the tax imposed by this article is levied in the absence of a sale, which value shall correspond as nearly as possible to the gross proceeds from the sale of similar products of like quality or character by the same person or by another person.

(c) The provisions of this section, as amended by this act, shall apply to natural resources, products or manufactured products, used or consumed by the producer or manufacturer thereof on or after May 1, 1989.

Bills Affecting §11-15-7

2003 Regular Session: HB3014
2003 Regular Session: HB3014
2003 Regular Session: HB3014
2003 Regular Session: HB3014
2003 Regular Session: SB604
2004 Regular Session: SB129
2004 Regular Session: SB594
2004 Regular Session: SB594
2005 Regular Session: HB2445
2005 Regular Session: HB2445
2005 Regular Session: SB188
2005 Regular Session: SB188
2006 Regular Session: HB2445
2006 Regular Session: HB2445
2006 Regular Session: HB4566
2006 Regular Session: HB4566
2006 Regular Session: HB4816
2006 Regular Session: SB520
2006 Regular Session: SB520
2006 Regular Session: SB692
2008 Regular Session: HB4551
2008 Regular Session: SB596
2010 Regular Session: HB4351
2010 Regular Session: SB461
2015 Regular Session: SB478
2017 Regular Session: SB335
2017 Regular Session: SB335
2017 Regular Session: SB335
2019 Regular Session: HB2744
2019 Regular Session: SB462