HB 48 OIL AND GAS FUTURE ROYALTY RATE

Rep Matthew McQueen

Actions: HPREF [2] HENRC/HCEDC-HENRC- DP-HCEDC [5] DP [13] PASSED/H (39-28) [9] SFC-SFC

Scheduled: Not Scheduled

 House Bill 48 (HB 48) increases the maximum royalty rate on future oil and gas development leases on state trust lands to enhance revenue for beneficiaries. 
 

 House Bill (HB) House Bill 48 (HB 48) 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.
HB 48 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 on state trust lands is one fifth.