US EditionNew Mexico State Land Office Confident Royalty Rate Hike Will Prevail With Senate Finance Leader’s Support
- Legislation to increase royalty rates on New Mexico state lands has passed the Senate Conservation Committee with a 5-3 party line vote and will proceed to the Senate Finance Committee, which is chaired by Sen. George Muñoz .
- The proposed Senate Bill 23 aims to raise the top royalty rate from 20% to 25% for new oil and gas development, potentially generating $50 to $75 million for the Land Grant Permanent Fund that supports public education.
- Supporters, including New Mexico Commissioner of Public Lands Stephanie Garcia Richard, argue that the increase aligns New Mexico's rates with market standards and will benefit public schools, while opponents worry it may harm smaller businesses in the oil and gas sector.
- Similar bills have failed in past legislative sessions, but supporters believe this bill reflects updated knowledge of New Mexico's oil and gas quality since the last rate change in the 1970s.
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Leaning Left3Leaning Right0Center1Last UpdatedBias Distribution75% Left
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- 75% of the sources lean Left
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C 25%
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