Bill > SB288

This bill: - Imposes an oil and gas emergency school surtax on the business of every person severing oil, natural gas, and other hydrocarbon products in New Mexico, with the surtax rate set at one-hundredth percent of the taxable value of the products. - Enacts the Electricity Production Tax Act, which levies a privilege tax of one cent per kilowatt hour on electricity produced in New Mexico for sale or trade, with certain exemptions. - Creates the Early Childhood Education Fund to be used for early childhood education programs, curriculum development, and quality improvement. Distributions to this fund will be made from the net receipts of the oil and gas emergency school surtax and the electricity production tax. - Makes amendments to various existing tax laws to incorporate the new oil and gas emergency school surtax and to distribute the revenues from it and the electricity production tax to the Early Childhood Education Fund. The provisions of the bill related to the oil and gas surtax and electricity production tax apply to products severed/electricity produced beginning on or after July 1, 2017.

Agriculture and Natural Resources

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=288&year=17