New Mexico HB80 modifies the Oil and Gas Conservation Tax Act to increase tax distributions to the Oil and Gas Reclamation Fund.
New Mexico HB80 amends the Oil and Gas Conservation Tax Act to increase the amount of tax distributed to the Oil and Gas Reclamation Fund. The bill specifies that beginning July 1, 2027, and prior to July 1, 2028, fifty percent of the tax will be distributed to the fund. This percentage increases to one hundred percent from July 1, 2028, until July 1, 2037, after which it will be fifty percent. The fund will be used for plugging abandoned wells, restoring and remediating well sites, and associated production facilities.
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