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HB 80·NM·house

OIL & GAS CONSERVATION TAX ACT CHANGES

Signed into LawFiled Jan 14, 2026
Sponsor: Murphy, Mark B.
Latest Action

PASS - SGND BY GOV - Chapter 60

Mar 9, 2026

Summary

The bill raises the portion of the oil and gas conservation tax that is deposited into the state’s reclamation fund and sets a phased schedule for higher contributions starting in 2027. The fund may be used to plug and restore abandoned wells, remediate sites, and provide up to $150,000 each year for energy‑education programs. It also lets the legislature tap the fund with a two‑thirds vote to avoid a state budget shortfall.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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