SENATE BILL 65

53rd legislature - STATE OF NEW MEXICO - second session, 2018

INTRODUCED BY

Carroll H. Leavell

AN ACT

RELATING TO PUBLIC SAFETY; DISTRIBUTING A PORTION OF THE OIL AND GAS CONSERVATION TAX TO THE CARLSBAD BRINE WELL REMEDIATION FUND FOR REMEDIATION OF THE CARLSBAD BRINE WELL; MAKING AN APPROPRIATION.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     SECTION 1. Section 7-1-6.21 NMSA 1978 (being Laws 1985, Chapter 65, Section 7, as amended) is amended to read:

     "7-1-6.21. DISTRIBUTION TO OIL AND GAS RECLAMATION FUND AND CARLSBAD BRINE WELL REMEDIATION FUND.--

          A. With respect to any period for which the rate of the tax imposed by Section 7-30-4 NMSA 1978 is nineteen-hundredths percent, a distribution pursuant to Section

7-1-6.20 NMSA 1978 shall be made to the following funds:

                (1) to the oil and gas reclamation fund in an amount equal to two-nineteenths of the net receipts attributable to the tax imposed under the Oil and Gas Conservation Tax Act; and

                (2) to the Carlsbad brine well remediation fund in an amount equal to two-nineteenths of the net receipts attributable to the tax imposed under the Oil and Gas Conservation Tax Act.

          B. With respect to any period for which the total rate of the tax imposed on oil by Section 7-30-4 NMSA 1978 is twenty-four hundredths percent, a distribution pursuant to Section 7-1-6.20 NMSA 1978 shall be made to the oil and gas reclamation fund in an amount equal to nineteen and seven-tenths percent of the net receipts attributable to the tax imposed under the Oil and Gas Conservation Tax Act."

- 2 -