New Mexico SB519: Oil & Gas Reclamation Fund Changes

What the bill says

From the enrolled text:

SB0519 SENATE BILL 519 57th legislature - STATE OF NEW MEXICO - first session, 2025 INTRODUCED BY James G. Townsend and George K. Muñoz RELATING TO THE OIL AND GAS RECLAMATION FUND; INCREASING THE AMOUNT OF THE TAX IMPOSED PURSUANT TO THE OIL AND GAS CONSERVATION TAX ACT DISTRIBUTED TO THE FUND; AMENDING HOW MONEY IN THE FUND CAN BE USED. 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.--[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 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. 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." …

Read the full official text

Sponsors

• George K. Muñoz (D, SD-004) · primary sponsor
• James G. Townsend (R, SD-034) · primary sponsor

Common questions

What is SB519?

SB519 is a bill in the New Mexico Legislature (2025 Regular Session): Oil & Gas Reclamation Fund Changes.

What is the status of SB519?

Introduced as of February 20, 2025.

Who sponsored SB519?

George K. Muñoz (D, SD-004), with 1 co-sponsor.

Where is the official record for SB519?

On the New Mexico Legislature website: https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=519&year=25