N.M. Admin. Code § 19.15.6.11

Current through Register Vol. 35, No. 24, December 23, 2024

Section 19.15.6.11 - STRIPPER WELL TAX INCENTIVE

A. Qualification of stripper well properties for the stripper well incentive tax rates in NMSA 1978, Sections 7-29-4 and 7-31-4, requires division certification. The division shall certify stripper well properties for calendar year 1998 no later than June 30, 1999 and no later than June 1 of each succeeding year for the preceding calendar year.

B.19.15.6.11 NMAC applies to a property that the division certifies as a stripper well property after June 30, 1999.

C. Certification, notification and hearing.

(1) The division shall determine which wells qualify as stripper well properties.

(2) Upon certification of properties as stripper well properties, the division shall notify the operator and the secretary of taxation and revenue of that certification.

(3) The operator shall notify the interest owners of the certification of the property as a stripper well property.

(4) An operator may make a written request that the division reevaluate a property for stripper well status.

(5) If the division denies stripper well certification to a property, the division upon the operator's request shall set the matter for hearing.

N.M. Admin. Code § 19.15.6.11

19.15.6.11 NMAC - Rp, 19.15.1.33 NMAC, 12/1/08