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HB 48 - Establishes an Oil And Gas Future Royalty Rate - New Mexico Key Vote

Timeline

House Bill Passed
Feb. 10, 2024
Introduced
Jan. 16, 2024

Related Issues

Oil and Gas

Stage Details

Legislation - Bill Passed (House) (39-28) - Feb. 10, 2024

See How Your Politicians Voted

Title: Establishes an Oil And Gas Future Royalty Rate

Vote Smart's Synopsis:

Vote to pass a bill that establishes an oil and gas future royalty rate in New Mexico.

Highlights:

Establishes an oil and gas future royalty rate in New Mexico (Sec. 1).
Increases the current rate from 20% to 25% and exempts existing leases developed in the state (Sec. 1).
Specifies that the provisions of this bill shall take effect beginning July 1, 2024 (Sec. 2).

Legislation - Introduced (House) - Jan. 16, 2024

Title: Establishes an Oil And Gas Future Royalty Rate