SB 24 OIL & GAS DEVELOPMENT ROYALTY RATES

Sen Bill Tallman

Actions: [1] SCC/SCONC/SFC-SCC-germane-SCONC [3] DP-SFC

Scheduled: Not Scheduled

 Senate Bill 24 (SB 24) increases the maximum royalty rate on future oil and gas development leases on state trust lands to enhance revenue for beneficiaries. 


 

 Senate Bill 24 (SB 24) increases the maximum royalty rate on future oil and gas development leases on state trust lands from one fifth to one quarter in Section 19-10-4.3 NMSA 1978.
It makes other technical changes.
SB    would be effective on 1 July 2024 and applies to applicable leases issued on or after this date.  

 Currently the maximum royalty rate on certain oil and gas leases is one fifth. 

 SB 24 duplicates HB 48.