Oil & Gas Production Taxes There are five taxes that are imposed based on the taxable value of oil, natural gas, liquid hydrocarbons, carbon dioxide, helium and other non-hydrocarbon gases (“products”) severed in New Mexico. In addition, the oil and gas conservation tax applies to uranium, coal and geothermal energy. For Oil & Gas Severance Tax questions contact us at OilGas.Outreach@state.nm.us and/or call 866-285-2996, press option 2 anytime during the introduction message. Registration form (ACD-31015) or a change in registration form (ACD-31015) can be submitted via Fax to 505-827-9888. Oil and Gas Ad Valorem Production Tax This is an ad valorem tax on the assessed value of products severed and sold from each production unit. The assessed value is determined by applying the uniform assessment ratio to the taxable value of products. The tax is governed by Section 7-32-1 et seq. NMSA 1978. Oil and Gas Proceeds Withholding Tax Anyone who makes payments of amounts derived from oil and gas production from a well located in New Mexico (remitter) to a nonresident (remittee) of New Mexico must withhold tax from those payments. There are exceptions and adjustments to the requirement to withhold from a remittee. E-File Natural Gas Processors Tax at the Online Services Who Must Register? All Forms & Publications Oil and Gas Bureau Statutory Reference: Look for Chapter 7, Article 33 NMSA 1978 in the New Mexico State Statutes. Oil, Natural Gas, and Mineral Extraction Tax Forms and Documents and gas produced from federal mineral ownership in New Mexico. • 12.5% to 18% royalty payments on all oil and gas produced from state minerals. • Bonus payments for leasing state and federal minerals. • State taxes on oil and gas: o 4% emerggyency school tax on natural gg,as, 3.15% on crude oil;
27 Oct 2019 In 2018, 32 percent of the state's general fund – or around $2.2 billion – came from taxes on oil and gas production, more than any other industry 2 Jul 2019 “Due to strong revenues from gross receipts taxes and rents and royalties fueled by the oil and gas production boom, FY19 general fund
Rollout of Oil Conservation Division Reorganization Continuances of Cases Set for Hearing Before the OCD Senate Bill 553, Establishing a Fees Schedule, Goes Into Effect July 1, 2019 Senate Fees Application FAQ, Updated July 1, 2019. The Oil Conservation Division regulates oil and gas activity in New Mexico. Oil and Gas Maps: This Application displays oil and gas wells in New Mexico. More data will be added as it becomes available. More data will be added as it becomes available. Additional data layers include PLSS, BLM comm. agreements, BLM participating areas, hydrology and OCD districts. Oil and Gas Maps: This Application displays oil and gas wells in New Mexico. More data will be added as it becomes available. More data will be added as it becomes available. Additional data layers include PLSS, BLM comm. agreements, BLM participating areas, hydrology and OCD districts. New Mexico imposes two ad valorem taxes, the Oil and Gas Ad Valorem Production Tax (“Production”) and the Oil and Gas Production Equipment Ad Valorem Tax (“Equipment”). These taxes are intended to serve in lieu of property taxes on oil and gas producing property. The Production tax is due monthly while the Equipment tax is due annually. The state government captured 20.7 percent of value from oil and gas production in FY17, compared to Texas' 14.9 percent, the second-highest percentage found in the study. New Mexico's percentage climbed to 21.8 percent in FY18. New Mexico’s effective production tax rate on oil and gas has averaged about 7.3 percent over the last three years, including the school, severance, and conservation taxes. the oil and gas severance tax must apply for it on form RPD 41171, completed in accordance with instructions of the department. Application must be made within 6 months after the date the oil conservation division certifies that the project has been completed. [3.18.3.9 NMAC - N, 12/29/00]
12 Feb 2019 Revenue attributable to the oil and gas industry comprised $2.2 billion in FY18 or 32.3 percent of total State General Fund Recurring revenue. Oil The vast majority of law affecting oil and gas production emanates from the state level. In keeping with this, oil severance taxes also are designed and collected A bill that would raise the state's gasoline tax was tabled in the House “New Mexico has the fourth lowest gas tax in the nation, and we have the third worst as a featured guest at the New Mexico Oil and Gas Association's Annual Meeting. 16 Jan 2020 The Tax Research Institute produces the annual report, released Thursday, under contract with the New Mexico Oil and Gas Association.
“These wasteful practices cause the state's taxpayers to lose up to $27.6 million in taxes and royalty revenues per year.” 5. New Mexico Methane Analysis. Page 6 Alternative fuels are defined as natural gas, propane, electricity, hydrogen, fuel 20% vegetable oil, or a water-phased hydrocarbon fuel emulsion in an amount not Alternative fuels subject to the New Mexico excise tax include propane, Tax. Rate. Citation/Link. Ad Valorem. All oil & gas produced, all leases in production The New Mexico sales tax rate is 5.125%, and the maximum NM sales tax 27 Oct 2019 In 2018, 32 percent of the state's general fund – or around $2.2 billion – came from taxes on oil and gas production, more than any other industry 2 Jul 2019 “Due to strong revenues from gross receipts taxes and rents and royalties fueled by the oil and gas production boom, FY19 general fund 30 Aug 2019 New Mexico could be flush with oil money when the state's legislative session begins in January — if San Juan Basin oil and gas facility. 18 Jan 2019 The revenue was made up of royalties and taxes, land income and investment income. The Tax Research Institute examined oil and gas