Carlsbad Current-Argus (Feb. 16, 2023) – A Republican-led effort would increase tax incentives for oil and gas operators installing devices to limit air-polluting emissions at wells throughout New Mexico.

House Bill 350, sponsored by Reps. Jim Townsend (R-54), Larry Scott (R-62) and Candy Ezzell (R-58), all from the oil-rich southeast New Mexico region, would have offered up to $12,000 tax credits to operators for each well where the devices are installed.

The bill discussed Tuesday by the House Energy, Environment and Natural Resources Committee, but a vote was not taken to table or advance the legislation.

During the hearing, Townsend said HB 350 would help reduce the financial burden on oil and gas companies in complying with state environmental rules.

The industry was known to provide about a third of New Mexico’s budget and was chiefly credited for helping generate an about $3.5 billion revenue surplus this year.

New Mexico Bill Seeks Tax Credits for Gas Capture