1. All NM Taxes
  2. Frequently Asked Questions
  3. Are there any tax credits related to this tax program?

Are there any tax credits related to this tax program?

Natural Gas Processor Tax

No.

Severance Tax – Non Oil & Gas

A taxpayer may qualify for a credit against current coal severance taxes if the coal is severed from Indian tribal land or if a tax is imposed on the privilege of severing coal from Indian tribal land. This credit is called the Intergovernmental Coal Severance Tax Credit. See Section 7-29C-2 NMSA 1978 .