HOUSE BILL 868

47th legislature - STATE OF NEW MEXICO - second session, 2006

INTRODUCED BY

Joe M. Stell

AN ACT

RELATING TO WATER; PROVIDING FOR A DISTRIBUTION FROM THE OIL AND GAS RECLAMATION FUND TO THE WATER PROJECT FUND.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF NEW MEXICO:

     Section 1. Section 7-1-6.21 NMSA 1978 (being Laws 1985, Chapter 65, Section 7, as amended) is amended to read:

     "7-1-6.21. DISTRIBUTION TO OIL AND GAS RECLAMATION FUND.--

          A. With respect to any period for which the rate of the tax imposed by Section 7-30-4 NMSA 1978 is nineteen-hundredths percent, a distribution pursuant to Section 7-1-6.20 NMSA 1978 shall be made to the oil and gas reclamation fund in [the] an amount equal to two-nineteenths of the net receipts attributable to the tax imposed under the Oil and Gas Conservation Tax Act.

          B. With respect to any period for which the rate of the tax imposed by Section 7-30-4 NMSA 1978 is eighteen-hundredths percent, a distribution pursuant to Section 7-1-6.20 NMSA 1978 shall be made to the oil and gas reclamation fund in [the] an amount equal to one-eighteenth of the net receipts attributable to the tax imposed under the Oil and Gas Conservation Tax Act.

          C. A distribution pursuant to Section 7-1-6.20 NMSA 1978 shall be made to the water project fund in an amount equal to six-nineteenths of the net receipts attributable to the tax imposed by the Oil and Gas Conservation Tax Act."

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