This bill would reduce the gross receipts, severance, resources and processors, and conservation tax rates paid by the coal industry.
“AN ACT RELATING TO TAXATION; PROVIDING A DEDUCTION FROM GROSS RECEIPTS FOR THE SALE OR PROCESSING OF COAL UNTIL 2031; REDUCING THE
RATE OF THE RESOURCES TAX, PROCESSORS TAX, SEVERANCE TAX AND OIL AND GAS CONSERVATION TAX ON COAL UNTIL 2031; PROVIDING A DELAYED REPEAL.” [SB 134, New Mexico Legislature]
Detailed Bill Summary
This legislation “attempts to soften the blow of the closure of the San Juan Generating Station and Four Corners Power Plant by reducing taxes on coal industries.” [Hannah Grover, “Bill proposes reducing taxes on coal-related industries,” Farmington Daily Times, 02/06/18]
01/25/18 – Sent to HENRC – Referrals: HENRC/HTRC, postponed indefinitely. [HB 220 Bill History, New Mexico Legislature]